SL Green sells major portion of tower

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


Related Articles

arrow_forward_ios
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)
SL Green puts Daily News building up for sale
SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green’s locks in big bank lease at Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
Cushman & Wakefield's Brett White and John Forrester
Cushman explains its high hopes for WeWork partnership
Cushman explains its high hopes for WeWork partnership
HNA Group's Guoqing Chen, 245 Park Avenue in Manhattan and 181 West Madison Street in Chicago (Committee of 100, Wikimedia)
HNA entity puts Park Avenue office tower, Chicago Loop high-rise in bankruptcy
HNA entity puts Park Avenue office tower, Chicago Loop high-rise in bankruptcy
590 Fifth Avenue and SL Green CEO Marc Holliday (SL Green)
SL Green sells 590 Fifth Avenue for $103M
SL Green sells 590 Fifth Avenue for $103M
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
Chinese developer willing to sell Manhattan supertall site at big loss
SL Green CEO Marc Holliday, Chelsea Piers Fitness CEO David Tewksbury and One Madison Avenue (Getty, SL Green)
Chelsea Piers is coming to SL Green’s One Madison
Chelsea Piers is coming to SL Green’s One Madison
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...