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SL Green Sells JV Stake in 724 Fifth
SL Green Realty will sell substantially all of its ownership interest in 724 Fifth Ave., which houses a Prada flagship location, to joint venture partner Jeff Sutton, founder of Wharton Properties. The JV had owned the property since 2012, buying it for $223 million.
As part of the agreement, Sutton will pay back SL Green’s investment in the adjacent 720 Fifth Ave., and partially repay another partnership loan. They’d acquired 720 Fifth in a separate partnership in 2006; the office and retail property is home to Abercrombie & Fitch’s flagship store.
SL Green expects to receive net proceeds of approximately $85.5 million from the transactions, which are expected to close in the third quarter. Both transactions, said SL Green President Andrew Mathias, were “emblematic of our continued efforts to increase shareholder value by capitalizing on strategic acquisitions and dispositions.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
