The Real Deal New York

SL Green shops Soho property, could fetch $300M

The 68,000-square-foot building at 131-137 Spring Street last traded in 2012 for $122 million

December 04, 2014 08:30AM

From left: 131-137 Spring Street, Soho, and Marc Holliday

From left: 131-137 Spring Street, Soho, and Marc Holliday

A six-story building at 131-137 Spring Street could sell for $300 million.

SL Green Realty is looking for a buyer for the 68,000-square-foot building, located between Wooster and Greene Streets in Soho. Eastdil Secured is marketing the property.

The ground floor of the property is currently home to two stores, Diesel and Burberry, while the top five floors contain offices, according to Real Estate Alert. Roughly 11,000 square feet of that office space is coming available in May with an asking rent of $75 per square foot.

Vornado Realty Trust and Thor Equities are reportedly interested in buying the building. Thor had been in the running to buy the property in 2012 but ended up suing the former owners for allegedly violating an exclusive agreement.

Burberry’s 6,000-square-foot lease is set to expire in 2016, according to the website. Office tenants include Framestore and flip-flop brand Havaianas.

SL Green, which also owns 102 Greene Street among other nearby properties, bought the building in 2012 for $122 million. The previous owners bought the property for $46 million in 2006. [Real Estate Alert] Claire Moses

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