SL Green, Ivanhoe look to sell
1745 Broadway’s office condo for $650M

Penguin Random House occupies most of the space

TRD NEW YORK /
Jan.January 31, 2018 08:30 AM

From left: 1745 Broadway, Marc Holliday and Daniel Fournier

A 685,000-square-foot office condominium at 1745 Broadway near Columbus Circle hit the market with a $650 million price tag.

SL Green Realty and Ivanhoe Cambridge jointly own the condo, which spans floors 2 through 26 in the 50-story tower, Real Estate Alert reported. The condo generated $23.9 million in annualized revenue last year, meaning the valuation translates to a cap rate of 3.75 percent.

Publisher Penguin Random House occupies 604,000 square feet under a lease deal running through 2033. Financial firm PDT Partners occupies the rest.

Eastdil Secured has the listing.

Related Companies built the tower in 2003. Its upper floors were sold off as residential condominiums. Witkoff Group and SITQ, Ivanhoe Cambridge’s predecessor firm, bought the office condo in 2006 for $508 million. SL Green first invested in 2007 and increased its stake to 56.9 percent in 2014, buying out Witkoff, according to Real Estate Alert.

Last year, the owners refinanced the property with a $375 million loan from Bank of China. [REA] — 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 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

315 West 33rd Street, SL Green's Marc Holliday and Brookfield's Ric Clark (Credit: SL Green, Getty Images)

Brookfield fund buying SL Green’s 315 West 33rd Street for $447M

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

arrow_forward_ios
Loading...