SL Green Announces Sale of 609 Fifth Avenue Retail Condominium
May 04 2020 - 4:05PM
Business Wire
SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office
landlord, today announced it has entered into a contract to sell
its recently repositioned 609 Fifth Avenue retail condominium for
$168.0 million to an affiliate of the Reuben Brothers. The
transaction is scheduled to close in the second quarter of 2020,
subject to satisfaction of various closing conditions.
“The sale of the 609 Fifth Avenue retail condominium is
indicative of our ability to drive value even during uncertain
market conditions. We will continue to look for opportunities that
bring value to our shareholders as we strategically transact in the
current economic climate,” said Brett Herschenfeld, Managing
Director of SL Green.
Starting in 2018, SL Green undertook an extensive repositioning
of the entire building, located at the corner of Fifth Avenue and
49th Street in the heart of Manhattan’s Gold Coast, including
vacating the previous tenants in the office condominium portion of
the property and relocating the office lobby onto 49th Street,
thereby increasing the retail frontage on Fifth Avenue. Then two
new premier tenants were secured for the retail condominium: a
15-year, 24,000 square-foot flagship lease with sports apparel
brand PUMA, which has a three-level retail space with
state-of-the-art double-height storefronts across 160 feet of
wraparound frontage, and a 10-year, 5,000 square-foot lease with
Vince, a global luxury apparel and accessories brand.
CBRE’s Darcy Stacom, Doug Middleton and David Fowler represented
SL Green in the transaction.
About SL Green
SL Green Realty Corp., an S&P 500 company and Manhattan's
largest office landlord, is a fully integrated real estate
investment trust, or REIT, that is focused primarily on acquiring,
managing and maximizing value of Manhattan commercial properties.
As of March 31, 2020, SL Green held interests in 102 buildings
totaling 49.4 million square feet. This included ownership
interests in 28.8 million square feet of Manhattan buildings and
19.6 million square feet securing debt and preferred equity
investments.
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subject to a number of risks and uncertainties, many of which are
beyond our control, that may cause our actual results, performance
or achievements to be materially different from future results,
performance or achievements expressed or implied by forward-looking
statements made by us. Factors and risks to our business that could
cause actual results to differ from those contained in the
forward-looking statements are described in our filings with the
Securities and Exchange Commission. These risks and uncertainties
include, but are not limited to, potential risks and uncertainties
relating to the novel coronavirus (COVID-19).
Source: SL Green Realty Corp.
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version on businesswire.com: https://www.businesswire.com/news/home/20200504005696/en/
Investors: Matt DiLiberto Chief Financial Officer SL Green
Realty Corp. (212) 594-2700
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