The Real Deal New York

SL Green aims for $270M sale of Midtown tower

September 12, 2012 10:00AM

120 West 45th Street (credit: PropertyShark), SL Green CEO Marc Holliday (top) and CBRE’s Darcy Stacom (bottom)

For a change, acquisition-happy SL Green Realty is looking to unload an asset. The city’s largest landlord has tapped CBRE Group too sell its 575,000-square-foot building at 120 West 45th Street, known as Tower 45, for a price of $270 million or more.

“You have a core-plus building with some vacancy and roll, so there is a real play here with upside and value,” Darcy Stacom, vice chairman of CBRE who is marketing the building with Bill Shanahan and Paul Gillen, told the Post. “This should be right in the sweet spot for investors.”

SL Green acquired the property or $285 million in January 2007 as part of the Reckson portfolio and renovated the property over the last two years. The building has a 5,500-square-foot Bobby Van’s Steakhouse in its retail space and parking for 53 cars. It’s largest tenant is D.E. Shaw’s research company and according to the landlord’s website there are about 69,000 square feet of vacancies in the tower.

The property does come with a fixed-rate 6.1 percent interest-only securitized debt that can’t be altered, the Post said.

Most recently, SL Green partnered with the Naftali Group to develop student housing in the Financial District. Meanwhile, Stacom and Shanahan were reported to have sold 285 Madison Avenue to Aby Rosen yesterday. [Post, 1st item] – Adam Fusfeld

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