The Real Deal New York

SL Green takes East Side tower off market

December 16, 2011 02:40PM

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From left: Darcy Stacom, vice chairman of CBRE, and 711 Third Avenue
SL Green Realty has pulled 711 Third Avenue from the market three months after tapping Darcy Stacom, vice chairman of CBRE, to market the property.

According to Crain’s, the landlord reneged because it did not receive offers in the range of $200 million to $225 million that it had expected for the 580,000-square-foot office tower between 44th and 45th streets. SL Green owns the leasehold and a 50 percent interest in the ground beneath the building.

Marketing the building was difficult because SL Green, under no pressure to sell, was not flexible on price and because a full-floor tenant went bankrupt and vacated the space in recent months.

Crain’s, whose parent company is a tenant of the building, said the weak offers are another sign that the market for commercial properties has softened after a strong first half. As The Real Deal previously reported, investment sales fell 25 percent in the third quarter of this year. [Crain's]

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