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SL Green Buys Out JV Partners in 800 Third Ave.
SL Green Realty Corp. has closed on the acquisition of its joint venture partners’ combined 39.48% interest in 800 Third Ave. for total cash consideration of $5.1 million and completed a modification and extension of the property’s existing $177-million mortgage. The REIT’s ownership stake in the 41-story office tower is now 100%.
The mortgage modification extended the maturity date from February 2026 to February 2031, including all available extension options. The interest rate was maintained at 1.70% over Term SOFR, which the company fixed at 5.03% from February 2026 through the initial maturity date in February 2029.
“These strategic transactions exemplify SL Green’s long-term outlook on well-located Midtown Manhattan assets and demonstrate our ability to execute loan modifications that extend our maturity profile while maintaining accretive terms,” said Harrison Sitomer, CIO of SL Green. “We continue to see strong momentum on Third Avenue, with residential conversions helping reposition the corridor for strong office sector growth.”
- ◦Sale/Acquisition
