SL Green unloads 707 11th Ave less than two years after buying it

West Side office property sells for $95 million to undisclosed buyer

New York /
Dec.December 14, 2021 11:33 AM
707 Eleventh Avenue and SL Green's Marc Holliday (SL Green, Getty)

707 Eleventh Avenue and SL Green’s Marc Holliday (SL Green, Getty)

After almost two years of ownership, SL Green has sold 707 11th Avenue.

The company sold the 160,000 square foot, loft-style building for $95 million to an undisclosed domestic buyer. The sale comes after the real estate investment trust purchased the West Side office building in January 2020 for $90 million.

The company declined to identify a buyer, but a person familiar with the deal told Crain’s Georgetown Co. and Beacon Capital Partners had snagged the building.

The transaction is expected to close in the first quarter of 2022, according to a press release.

“The sale of 707 11th Avenue demonstrates investor demand for quality, value-add investment opportunities in New York City,” Harrison Sitomer, senior vice president of SL Green, said in a statement.

A team led by Andrew Scandalios of JLL represented SL Green in the transaction.

Proceeds from the sale are expected to be used for the repayment of corporate debt.

Before SL Green, the six-story building had been owned by fashion house Kenneth Cole since 2004 and was home to its worldwide headquarters.

SL Green had big plans for the property. The REIT planned to redevelop the property “into a modern, Class-A building, attracting companies across industries, including TAMI and boutique FIRE tenants,” the company said in a press release at the time of the purchase.

SL Green has been on a bit of a selling spree recently.

Four years after picking up 110 East 42nd St. for the second time, SL Green sold the Midtown office condominium to Meadow Partners for slightly more than $117 million. Similarly, just one year after gaining control of 590 Fifth Avenue, SL Green sold the Midtown office building for $103 million.

The landlord has also made some recent investments. In September, SL Green acquired a stake in 1601 Broadway — the 46-story Times Square building that is home to the new Krispy Kreme flagship and a Crowne Plaza hotel — for $121 million.





    Related Articles

    arrow_forward_ios
    Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    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
    Equity Group Investments chairman Sam Zell (Getty, iStock)
    Office market’s recovery will outpace retail amid “viability” questions, Zell says
    Office market’s recovery will outpace retail amid “viability” questions, Zell says
    (iStock)
    CRE sales hit record $809B in 2021
    CRE sales hit record $809B in 2021
    Steven Pozycki, chief executive officer, SJP Properties, in front of 111 River Street in Hoboken, NJ (SJP Properties, LoopNet, iStock)
    SJP, David Werner buy waterfront Hoboken office, retail property
    SJP, David Werner buy waterfront Hoboken office, retail property
    SUNY WCC President Belinda Miles and the Cross County Center in Yonkers (Great Ink Communications/Marx Realty)
    College leases 40K sf at ex-Sears in Yonkers
    College leases 40K sf at ex-Sears in Yonkers
    Meridian Capital’s Ralph Herzka with 165 Central Avenue, 198 Scholes Street, 11 Gunther Place in Brooklyn (Getty, Google Maps, Apartments)
    Meridian Capital could get exclusive on All Year’s $1B portfolio
    Meridian Capital could get exclusive on All Year’s $1B portfolio
    arrow_forward_ios

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

    Loading...