SL Green sells Sixth Ave building to Spear Street for $325M

Deal values office property at more than $1,200 per square foot

New York /
May.May 19, 2021 09:30 AM
SL Green Realty CEO Marc Holliday, 635-641 Sixth Avenue and Spear Street Capital managing director Zachary Resnick (SL Green, LinkedIn)

SL Green Realty CEO Marc Holliday, 635-641 Sixth Avenue and Spear Street Capital managing director Zachary Resnick (SL Green, LinkedIn)

SL Green Realty has sold 635-641 Sixth Avenue to Spear Street Capital for $325 million.

The transaction, which values the Midtown property at more than $1,200 per square foot, is expected to close in the second quarter. The Commercial Observer first reported the deal.

“New York City’s revitalization continues as does the demand for Class A office buildings,” Harrison Sitomer, an SL Green senior vice president, told the publication in a statement. He credited the sale price to “extensive repositioning and leasing efforts at the property.”

SL Green renovated the building in 2015, giving it a new lobby, elevators and a penthouse rooftop with outdoor event space. The 267,000-square-foot property is now 94 percent leased.

Software company Infor is the largest tenant, occupying nearly half of the building. This month The Real Deal reported that Infor renewed its 90,000-square-foot lease.

SL Green has sold a few of its properties this year. In April, the Moinian Group entered into a contract to buy the Manhattan-based real estate investment trust’s 20 percent stake in the Sky apartment tower at 605 West 42nd Street. Also that month, A&E Real Estate bought an apartment building at 400 East 57th Street.

In February, SL Green unloaded its 25 percent interest in 55 West 46th Street to a Brookfield Asset Management real estate fund.

[CO] — Sasha Jones





    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
    SL Green CEO Marc Holliday (Getty, Sl Green)
    SL Green shareholders cry foul on CEO bonus
    SL Green shareholders cry foul on CEO bonus
    The New York Life Sciences and Biotechnology Center at First Avenue and 41st Street (NY Life Sciences)
    Life sciences leasing breaks annual record in five months
    Life sciences leasing breaks annual record in five months
    The commercial market was hit hard by the pandemic, and property tax revenue is expected to fall 5 percent. (iStock)
    Tax bills show how much Covid devalued NYC real estate
    Tax bills show how much Covid devalued NYC real estate
    Richard Segal of Seavest Investment Group, David Marx of Marx Development Group and 902 Quentin Road in Brooklyn (Photos via Seavest Investment Group, Marx Development Group and VRMNY)
    Westchester firm buys $54M Brooklyn medical building
    Westchester firm buys $54M Brooklyn medical building
    SL Green’s Marc Holliday with One Vanderbilt. (SL Green, KPF Architects)
    $3B refi of One Vanderbilt set to close in two weeks: report
    $3B refi of One Vanderbilt set to close in two weeks: report
    arrow_forward_ios

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

    Loading...