The Real Deal New York

SL Green expands Midtown South portfolio

October 01, 2012 11:30AM

SL Green’s Isaac Zion and 635 Sixth Avenue

The real estate investment trust SL Green has purchased two office properties from Atlas Capital Group in an effort to expand its presence in the in Midtown South submarket, the company announced today.

The firm paid $173 million, or $648 per square foot, for the two properties, which are located at 635 Sixth Avenue and 641 Sixth Avenue. The building at 635 Sixth Avenue totals 104,000 square feet and was previously occupied by Apex Technical School, while 641 Sixth Avenue has a total of 163,000 square feet and boasts tenants such as Google.

“One of our stated goals in 2012 was to expand our presence in Midtown South, the hottest office submarket in New York with a current vacancy rate below 5 percent, and this latest transaction further demonstrates our continuing belief in the strength and vitality of the expanding creative, media and technology sectors,” Isaac Zion, co-chief investment officer at SL Green, said in a statement.

Rob Martin of Jones Lang LaSalle advised on the transaction. — Katherine Clarke

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