SL Green shops minority stake in 1515 Broadway

The deal could value the office tower at nearly $2B
January 30, 2017 03:55PM

1515 Broadway and Marc Holliday

SL Green Realty is shopping a minority stake in its 54-story office tower at 1515 Broadway in a deal that could raise nearly $1 billion.

The serial office landlord is marketing a stake in the 1.75 million-square-foot Times Square tower, Crain’s reported. The size of the ownership interest being offered was not immediately clear, but the deal could value the building at nearly $2 billion.

Cushman & Wakefield’s TRData LogoTINY Doug Harmon and Adam Spies are marketing the stake.

Viacom anchors the Times Square property. Earlier this year, Aeropostale left its 19,000-square-foot flagship location in the building after filing for bankruptcy. SL Green is selling a minority stake in the building to raise money for new investments.

SL Green recently sold a 27.6 percent stake in the proposed office skyscraper One Vanderbilt to the National Pension Service of Korea. The deal is expected to pump $525 million in equity into the 1.7 million-square-foot office tower. [Crain’s] — Kathryn Brenzel