SL Green Realty Corp. and joint venture partner Ivanhoe Cambridge are under contract to sell the office condominium at 1745 Broadway for $633 million, or $939 per square foot. The buyer is an institutional client of Invesco Real Estate.
1745 Broadway is 100% leased as it changes hands. “After securing a long-term lease extension with investment grade tenant Random House and stabilizing the asset, we determined that this was the right time to monetize our success with the property,” said co-CIO David Schonbraun. Random House occupies 604,000 square feet at the 50-story tower, which also includes luxury apartments on its upper floors.
Separately, SL Green is selling two Westchester County office properties, 115-117 Stevens Avenue in Valhalla, and Reckson Executive Park in Rye Brook, to different buyers for $67 million. CBRE represented the REIT on the suburban sales, while Eastdil Secured marketed 1745 Broadway.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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