SL Green unloads Midtown building for $117M
Meadow Partners acquiring office condominium at 110 East 42nd Street
Four years after picking up 110 East 42nd St. for the second time, SL Green has sold the Midtown office condominium to Meadow Partners.
In a transaction announced Monday, the building traded hands for slightly more than $117 million. The landlord said in a release that Meadow Partners is acquiring the ownership interest of the office and garage condominiums “on behalf of a separately managed account.”
“We continue to see demand for well-located assets near transportation in Midtown and across Manhattan,” said Harrison Sitomer, SL Green’s senior vice president.
The deal comes just a month after Manhattan office tenants signed deals for more than 3 million square feet of leases, the highest volume since January 2020, according to Colliers’ monthly market snapshot. The leasing volume was up 14.8 percent from October.
Meadow Partners did not immediately return a request for comment on the sale.
Newmark’s Evan Layne and Brett Siegel brokered the deal.
The Midtown building was constructed in 1923. The 18-floor building stands 237 feet tall and encompasses 304,000 square feet, including slightly more than 215,000 square feet of usable space.
In 2007, the office landlord sold the building to Gotham Realty Holdings for $111.5 million. Four years later, SL Green reacquired the building for $85.5 million.
The office condominium stretches from the sixth floor to the 18th, including part of the ground floor. The building’s exterior and lobby were designated landmarks by the city, as well as the Cipriani event hall at the base of the building.
In addition to being near Grand Central Terminal, the building is also across the street from SL Green’s most notable development, One Vanderbilt.
SL Green said it plans on using proceeds of the ownership sale for its share repurchase program. The transaction is expected to close by the end of the year.
Meadow Partners is ending the year with a big purchase after ending 2020 the same way. The investment firm purchased a 99-year lease of 860 Washington Street in the Meatpacking District for about $230 million.