Fourteen months after acquiring the remaining stake in 521 Fifth Avenue, SL Green Realty has tapped Eastdil Secured brokers to shop a large portion of the building for nearly $700 per square foot.
The New York Post reported that Eastdil’s Douglas Harmon and Adam Spies are marketing a 49 percent to 80 percent stake in the 510,000-square-foot tower at the corner of East 43rd Street. SL Green acquired the remaining 49.9 percent interest in the 39-story office tower last January from City Investment Fund, with whom it purchased the building in 2006. SL Green said at the time the deal valued the building at $245.7 million.
Now, the owners expect to fetch between $650 and $700 per square foot, according to the Post.
Since acquiring an interest in the building six years ago, SL Green as invested in $30 million worth of renovations. The building has “just a handful of office abailabilities,” according to the Post, including the entire, 21,677-square-foot fifth floor. Asking rents range from $55 per square foot to $65 per foot. The 60,000 square feet of retail are fully occupied by Equinox and Urban Outfitters. City estimates show the property’s net operating income is $11.5 million. [Post, 1st item]