SL Green is selling fee interest in 635 Madison. But not to iStar

L&L exercised an option to buy, pulling deal away from REIT

New York /
Jul.July 02, 2018 12:41 PM

L&L Holding’s Robert Lapudis and 635 Madison Avenue (Credit: Madison Square Park, Blocksy, and LoopNet)

UPDATED, July 2, 2:26 p.m.: L&L Holding Company is buying the fee interest on the 635 Madison Avenue office building in Midtown for $153 million, sources confirmed on Monday.

IStar, a real estate investment trust, had previously been in contract to acquire the interest, for a reported price of $151 million. But L&L, which owned the interest in 2014 before selling it SL Green Realty, retained a right of first refusal and a purchase option, which it has now exercised.

An iStar affiliate, Safe, Income and Growth, Inc., reported losing the bid to buy 635 Madison in a U.S. Securities and Exchange Commission filing Monday.

Cushman & Wakefield’s Adam Spies, Doug Harmon, Josh King and Kevin Donner is brokering the deal.

The 19-story property, which has a Baccarat store in the ground-floor retail space, is currently leased to Ashkenazy Acquisition Corporation. That lease is good for another 34 years.


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
Hudson’s Bay Company restructures $846M CMBS loan
Hudson’s Bay Company restructures $846M CMBS loan
Hudson’s Bay Company restructures $846M CMBS loan
Two of the eleven properties under threat of foreclosure (Google Maps)
Mack Real Estate may “strip” club owner of properties
Mack Real Estate may “strip” club owner of properties
270 W Montauk Hwy, Hampton Bays, NY (Loopnet)
Legendary Hampton Bays bar up for sale
Legendary Hampton Bays bar up for sale
Senator Chuck Schumer and 70 Prospect Park West (Google Maps, Getty)
Schumer blasts Brooklyn landlord as NY pols vow to pass good cause eviction
Schumer blasts Brooklyn landlord as NY pols vow to pass good cause eviction
Prologis Chairman and CEO Hamid Moghadam (Getty, Prologis)
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
arrow_forward_ios

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

Loading...