SL Green completes $252.5M purchase of Midtown office tower

TRD New York /
Feb.February 27, 2012 04:00 PM

SL Green has closed on its acquisition of a 37-story, 390,000-square-foot Midtown office building at 10 East 53rd Street for $252.5 million, or approximately $647 per square foot, the company announced today, and has sold a 45 percent interest in the building to Canada Pension Plan Investment Board.

New York Commercial Bank is providing a $125 million floating-rate mortgage for the building, while Canada Pension Plan paid an equity investment of $57.4 million before closing costs, SL Green said.

“We believe that the prestige and value of quality properties in The Plaza District of Midtown Manhattan is unparalleled,” said Andrew Mathias, president of SL Green. “The chance to add an additional plaza asset to our core portfolio does not come along often and upon being presented with this unique opportunity, we took it. Having [Canada Pension Plan] join with us in the venture further supports our belief in the potential of 10 East 53rd Street.”

Peter Ballon, vice president and head of real estate Investment at Canada Pension Plan, said the relationship with SL Green would likely be a fruitful one.

“We are pleased to be partnering once again with SL Green who has a strong track record at repositioning Midtown office properties,” he said.

SL Green previously sold a 45 percent interest in 1221 Avenue of the Americas to the fund for $576 million.


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 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

Cuomo calls Amazon’s Hudson Yards lease “crumbs from the table”

Cuomo calls Amazon’s Hudson Yards lease “crumbs from the table”

Amazon CEO Jeff Bezos and Hudson Yards (Credit: Getty Images and Wikipedia)

Amazon takes big new office space near Hudson Yards

The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)

Jacob Chetrit buying Daily News building from SL Green for $815M

Marc Holliday and rendering of One Vanderbilt

Sentinel Capital Partners becomes latest firm to ink deal at One Vanderbilt

Suri Kasirer

WATCH: Suri Kasirer on the influence of her father’s Holocaust stories and lobbying hard for the Vanderbilt Corridor and Cornell Tech

arrow_forward_ios