SL Green buys out partner at 1515 Broadway

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SL Green Realty has bought out its joint venture partner in Times Square’s 1515 Broadway, giving the city’s largest office landlord full ownership of the property in a transaction valuing it at $1.21 billion, the company announced today. SL Green had owned the 1.75 million-square-foot building with SITQ, a subsidiary of Canadian investment fund Caisse de dépôt et placement du Québec, one of several joint ventures for the pair throughout the city. “This is another in a line
of highly successful joint ventures with SITQ, and we look forward to
joining SITQ in making future investments,” said Andrew Mathias, president of SL Green. SL Green and SITQ also have joint ownership of 1745 Broadway. “1515 Broadway is one of our premier assets… we expect to own it for many years to come,” Mathias said. The 54-story office tower recently underwent a $40 million renovation, and is home to Viacom International, Aeropostale, Oakley and Billabong. TRD