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.
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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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