SL Green, the largest commercial office landlord in New York, said it agreed to sell 19 West 44th Street in Manhattan to Deka Immobilien for $123.2 million.
SL Green will continue to manage and lease the building as part of the sale agreement with Deka.
SL Green originally bought the 292,000-square-foot Class B property in 2004 for $67 million. Since the acquisition SL Green has renovated the lobby, windows and heating and cooling systems, and raised occupancy to 99 percent, compared to 86 percent in 2004.
SL Green said it plans to invest the $118 million in net proceeds towards 125 Park Avenue, which it agreed to buy from Shorenstein Properties for $330 million.
SL Green put 19 West 44th Street up for sale in June for about $117 million, as part of a plan to raise additional capital for acquisitions, Crain’s New York previously reported.
Darcy Stacom and Bill Shanahan of CB Richard Ellis represented SL Green in the 19 West 44th Street transaction.
The sale is expected to close during the third quarter.