SL Green Realty Corp, has agreed to sell its 25% interest in the commercial condominium units at 55 W. 46th St., also known as Tower 46, for $275 million to a Brookfield Asset Management real estate fund. The REIT acquired Tower 46’s commercial condo units, including office space, a retail store and a parking garage, in 2014.
“The sale of our interest in Tower 46 is another step in our strategy to divest of non-core assets and accretively reinvest the capital into our share repurchase program,” said David Schonbraun, CIO of SL Green.
He added, “The transaction also serves to further demonstrate the resiliency of the Manhattan office market and the continued demand by institutional investors for well-located, Class A real estate assets in Midtown.”
Hodges Ward Elliott’s Paul Gillen, Anthony Ledesma, Kyle van Buitenen and Daniel Parker represented SL Green in the Tower 46 sale.
For comments, questions or concerns, please contact Paul Bubny
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.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.