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

Unnamed Invesco client is the buyer

TRD 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 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

Knotel CEO Amol Sarva 

Another huge round of layoffs for Knotel

Miki Naftali, Steven Witkoff and Ryan Freedman

TRD Talks: How developers are contending with coronavirus

Governor Andrew Cuomo (Photo by Spencer Platt/Getty Images; iStock)

Cuomo’s foreclosure, mortgage moratorium has no teeth

From left: Realogy's Ryan Schneider, Cushman & Wakefield's Brett White and Newmark Knight Frank's Barry Gosin (Credit: iStock)

Brokerage stocks plunge amid market turmoil

Mayor Bill de Blasio halted ULURP, stalling projects like 960 Franklin Avenue, Rikers Island and Industry City 

These projects could be held up by New York’s rezoning freeze

arrow_forward_ios
Loading...