The Real Deal New York

Kamber Management is the buyer of Tower 45

$365M deal with SL Green is a coup for little-known Manhattan firm

July 14, 2015 12:56PM
By Konrad Putzier

Tower 45 NYC

From Left: 120 West 45th Street, SL Green’s Marc Holliday (credit: Steve Friedman) and JLL’s Richard Baxter

Kamber Management is the buyer of SL Green Realty’s Tower 45, The Real Deal has learned. The firm dished out $365 million for the 460,000-square-foot tower at 120 West 45th Street.

SL Green announced the sale in a press release yesterday, but didn’t disclose the buyer’s name. According to sources, Kamber plans to keep the property as a class-A office building.

JLL’s Richard Baxter and Yoron Cohen brokered the deal along with CBRE’s Darcy Stacom and William Shanahan. Both teams declined to comment.

SL Green had bought the building, which is 90 percent occupied, for $285 million in 2007. The real estate investment trust announced yesterday that the proceeds from the sale would be used to fund its $2.6 billion acquisition of 11 Madison Avenue.

The purchase is a coup for Kamber, a small Manhattan firm that doesn’t appear to have a website and has very few properties tied to its name. According to Reonomy data, the firm owns or holds a stake in two Midtown office buildings: The 129,465-square-foot property 15 West 37th Street, and the 153,265-square-foot property 20 West 33rd Street.