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

Unnamed Invesco client is the buyer

New York /
Apr.April 11, 2018 10:30 AM
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


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
Blackstone's Ken Caplan (iStock; Blackstone)

Industrial now 36% of Blackstone’s RE portfolio

Industrial now 36% of Blackstone’s RE portfolio
Almanac Realty Investors managing director Matthew Kaplan (Almanac Realty; iStock)

Workforce housing investor gets $320M boost

Workforce housing investor gets $320M boost
Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building
 Robert Morse, executive chairman of Bridge Investment Group, one of the major Opportunity Zone investors focusing on real estate.  (Bridge, Stanford)

Opportunity Zone investments got a boost in 2020

Opportunity Zone investments got a boost in 2020
333 Johnson Avenue with Royalton Capital’s Jin Lee, Sciame Construction's Frank Sciame and Normandy Real Estate Partners' Finn Wentworth (Royalton Capital, Sciame, Normandy)

Normandy sued by former partners for hiding Netflix deal

Normandy sued by former partners for hiding Netflix deal
arrow_forward_ios

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

Loading...