SL Green Sells Midtown South Office for $325M
The 267,000-square foot building is selling for more than $1,200 per square foot.
SL Green Realty has sold 635-641 Sixth Ave., for $325 million, or approximately $1,200 per square foot.
The property comprises two adjoined buildings totaling eight stories and 267,000 square feet, occupying the full western block-front on Sixth Avenue from 19th Street to 20th Street in Midtown South. The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions, and generate net cash proceeds to SL Green of approximately $312.5 million.
“New York City’s revitalization continues as does the demand for Class A office buildings,” said SVP Harrison Sitomer, in prepared remarks.
The property is currently 94% leased and anchored by the software company, Infor, through 2030, following a recently executed renewal and extension. SL Green acquired the property in 2012 for $173 million and redeveloped it in 2015, including a new lobby, elevators, building systems and a penthouse rooftop that includes outdoor amenity and event space.