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 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
Federal Reserve Chairman Jerome Powell (Getty)

Real estate stocks benefit from second quarter rally

Real estate stocks benefit from second quarter rally
The Seagram Building at 375 Park Avenue with a photo illustration of RFR's Aby Rosen (Getty, Google, iStock)

Aby Rosen to build sprawling gym in Seagram Building

Aby Rosen to build sprawling gym in Seagram Building
Square Mile Capital’s Craig Solomon and Hackman Capital Partner's Michael Hackman with Silvercup Studios at 42-22 22nd Street in Long Island City (Hackman; AAK via Wikipedia Commons)

Hackman, Square Mile in talks to buy Silvercup Studios

Hackman, Square Mile in talks to buy Silvercup Studios
A photo illustration of Quora CEO Adam D'Angelo from a scene in the film The Matrix (Warner Bros./Village Roadshow Pictures; Quora)

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?
From left: Onay Payne, Jim Simmons, Margaret Anadu and Tammy Jones (Payne by Emily Assiran)

‘Your pedigree is always questioned’: Black real estate execs push for change

‘Your pedigree is always questioned’: Black real estate execs push for change
arrow_forward_ios

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

Loading...