SL Green completes $252.5M purchase of Midtown office tower

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 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
Harbor Group International's Jordan Slone with with 51 West 52nd Street
TRD Pro: Top office sales of the past year
TRD Pro: Top office sales of the past year
Photo Illustration of SL Green CEO Marc Holliday (Getty)
SL Green hedges its bets, and that’s no casino pun
SL Green hedges its bets, and that’s no casino pun
Caesars Entertainment's CEO Tom Reeg and SL Green's CEO Mark Holliday along with the Minskoff Theatre at 1515 Broadway (Photo Illustration by Steven Dilakian for The Real Deal with Getty)
SL Green, Caesars rally Times Square interests for casino bid
SL Green, Caesars rally Times Square interests for casino bid
SL Green's Andrew Mathias and Marc Holliday (Photo-illustration by Paul Dilakian/The Real Deal)
As workers come back, NYC’s top office landlord faces a tough market
As workers come back, NYC’s top office landlord faces a tough market
SL Green chairman Marc Holliday and One Madison Avenue (Getty Images, SL Green Realty Corp)
Franklin Templeton takes 347K sf at SL Green’s One Madison Avenue
Franklin Templeton takes 347K sf at SL Green’s One Madison Avenue
arrow_forward_ios

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

Loading...