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New York

SL Green puts 600 Lex on the market

A winning bid could total more than $300M

Marc Holliday and 600 Lexington Avenue (Credit: SL Green)
Marc Holliday and 600 Lexington Avenue (Credit: SL Green)

SL Green Realty is shopping a 36-story office tower at 600 Lexington Avenue.

Real Estate Alert reported that the building, which is nearly fully leased, is valued at $305 million. Current tenants include a mixed roster of legal and financial firms and a FIKA coffee shop and Pret A Manger occupy the ground-floor retail space.

The real estate investment trust tapped brokerage CBRE to market the property.

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The $305 million estimated value, if close to the eventual sale price, would mean a fine profit for SL Green, which bought the 300,000-square-foot tower with the Canadian Pension Plan in 2010 for $193 million. (It later bought Canadian Pension Plan’s stake, too.)

Last year, SL Green paid off a $125 million loan on the building from lender Wells Fargo.

The decision to put 600 Lexington Avenue on the market comes amid a slumping investment sales market, where trophy assets are sitting unsold for longer than planned. [REA] — Will Parker

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Commercial Real EstateSL Green