SL Green Continues to Shed Notable Assets

Why is New York City’s largest office landlord selling off prominent assets?
Tower 45 - Manhattan

It has been less than three months since SL Green announced plans to free up $642.8 million by selling Tower 45 in Midtown Manhattan and a mixed-use building in SoHo. As previously reported by Commercial Property Executive, the dispositions were meant to support the $2.3 billion purchase of Eleven Madison Ave. in Manhattan’s Midtown South section.

Now, the city’s largest office landlord has completed the sale of Tower 45—a 40-story office building located at 120 W. 45 St. —for $365 million, or approximately $830 per square foot. According to an earlier report by The Real Deal, the buyer was identified as Kamber Management Co., a locally based real estate company. SL Green was represented by JLL’s Richard Baxter and CBRE’s Darcy Stacom in the transaction.

Located in one of the hottest office markets in New York City, Tower 45 has been under SL Green’s ownership since 2007. PropertyShark data shows that the company acquired the 426,014-square-foot office building for $285 million, shortly after the office landlord took over Reckson Associates realty Corp. in a multi-billion merger.

Image via PropertyShark