SL Green unloads 707 11th Ave less than two years after buying it
West Side office property sells for $95 million to undisclosed buyer
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.