SL Green sells major portion of tower

TRD New York /
Aug.August 10, 2009 10:28 AM

SL Green Realty will sell 49.5 percent of its interest in 485 Lexington Avenue, a commercial office building between 46th and 47th streets, according to a press release the company sent out today. The space sold for $547 per square foot. The purchasing party was a joint venture partnership comprised of Optibase and Gilmor USA through Mazal 485, according to a press release from the Carlton Group, which represented Mazal. SL Green CEO Marc Holliday said he believes this deal represents strength in the Midtown real estate market. “If ultimately approved, the transaction would demonstrate that the Midtown Manhattan office market continues to stand as one of the world’s top locations and that investor interest is once again on the rise,” Holliday said. Cushman & Wakefield represented SL Green in the transaction. “485 Lexington is an
anomaly,” Howard Michaels, chairman of the Carlton Group said. “It’s a tremendous asset located two blocks from Grand Central, which is 98 percent leased, to credit quality tenants with
virtually no turnover for seven years.” TRD

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