SL Green Realty has closed on the sale of three properties totaling $691.4 million, including 625 Madison Avenue, 719 Seventh Avenue and the Palisades Premier Conference Center. The transactions generated net proceeds to the REIT of $222.7 million, which was used for corporate debt repayment.
625 Madison Avenue: Together, with its joint venture partner, SL Green closed on the sale of the fee ownership interest in 625 Madison Avenue for a gross sales price of $634.6 million. In connection with the sale, the company, together with its joint venture partner, originated a $235.5 million preferred equity investment in the property. The transaction generated net proceeds of $199.3 million.
719 Seventh Avenue: SL Green closed on the sale of 719 Seventh Avenue in Times Square for $30.5 million. It repaid the existing $50 million mortgage for $32 million. The transaction generated net proceeds of $3.6 million after repayment of the mortgage loan.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
