The Real Deal New York

SL Green, Ivanhoe to sell 1745 Broadway offices for $633M

Unnamed Invesco client is the buyer
April 11, 2018 10:30AM

1745 Broadway and Marc Holliday (Credit: SL Green)

1745 Broadway and Marc Holliday (Credit: SL Green)

SL Green Realty and partner Ivanhoe Cambridge are in contract to sell the office portion of 1745 Broadway for $633 million, or $939 per square foot. The buyer is an “institutional client of Invesco Real Estate,” SL Green said in a press release.

The owners put the 685,000-square-foot office condo, which spans floors 2 through 26 in the 50-story building, on the market in January.  Eastdil Secured brokered the deal.

Penguin Random House occupies 604,000 square feet under a long-term lease.

SL Green also announced that it is selling two properties in suburban New York for a combined $67 million. The three deals will net the company $190 million in cash, which it plans to use to buy back its own shares.

Invesco previously bought a 45 percent stake in office tower 1221 Sixth Avenue on behalf of China Investment Corporation, China’s sovereign wealth fund, in late 2016. — Konrad Putzier