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national   /   April 12, 2018

Paul Bubny
By: Paul Bubny

SL Green, Ivanhoe Trade 1745 Broadway Offices to Invesco

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.

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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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