New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
SL Green to Sell 625 Madison Ave for $633M
SL Green Realty Corp., Manhattan’s largest office landlord, has entered into a contract to sell the fee ownership interest in 625 Madison Avenue for $632.5 million, valuing at $1,123 per square foot, to a global real estate investor. As part of this transaction, SL Green and its partners will make a $234.5 million preferred equity investment in the property.
Situated between 58th and 59th Street in the Plaza District, 625 Madison Avenue spans 563,000 square feet across 17 stories, featuring ground-floor retail. SL Green had initially acquired its stake in the property through a prior mezzanine investment. Proceeds from the sale will be directed towards the repayment of corporate debt.
“This deal, and our recent capitalization of 245 Park, reaffirm that well-located office real estate in New York is still among the most sought-after asset classes in the world,” said Brett Herschenfeld, executive vice president of retail and opportunistic investments at SL Green.
- ◦Sale/Acquisition
