SL Green continues selling spree, lists office condo for $700M

REIT and Ivanhoe Cambridge seeking buyers for 24 floors at 1745 Broadway

TRD New York /
Oct.October 13, 2015 04:25 PM

SL Green put an office space at 1745 Broadway on the market for more than $700 million, continuing a selling spree that follows the blockbuster purchase of 11 Madison Avenue.

The real estate investment trust holds a 56.9-percent stake in 685,000 square feet of space, which spans floors two through 25. Pension-backed Canadian investment firm Ivanhoe Cambridge owns the minority stake. A JLL team led by Richard Baxter is marketing the office condo.

According to Crain’s, publisher Random House has leased the entire space until 2023 but is likely to opt out of floors 14 to 25 in 2018, offering a buyer the chance to raise rents.

SL Green dished out $2.6 billion for the 2 million-square-foot office building 11 Madison Avenue in August, and has been selling off Manhattan properties to raise money for the purchase. Last month, the company sold the office building Tower 45 at 120 West 45th Street to Kamber Management for $380 million and an 80-percent stake in mixed-use building 131-137 Spring Street to Invesco for $220 million.

1745 Broadway, a 930,000-square-foot tower located between 55th and 56th Streets developed by the Related Companies, was completed in 2000. SL Green first bought a minority stake in the office condo in 2007, expanding it to a majority position last year. [Crain’s]Konrad Putzier


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’s locks in big bank lease at
Hudson Yards redevelopment site

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

Lawsuits, pop-ups and ragers: Why 60 Guilders took a $25M loss on its prized Soho retail property

Savanna picks up 521 Fifth Ave for $381M

arrow_forward_ios