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SL Green Divesting Stake in $1.95B NYC Asset to Allianz

SL Green Realty Corp. is selling a 43% stake in 1515 Broadway in New York to affiliates of Allianz Real Estate. The transaction values the 1.86-million-square-foot, Class A Times Square office building at $1.95 billion, or $1,045-per-square-foot.

Roughly 70% of the transaction is expected to close on November 30, 2017. The balance of the transaction is scheduled to close in Q1 2018. SL Green will realize cash proceeds of approximately $416 million.

SL Green’s Isaac Zion says, “1515 Broadway has been an extraordinary investment for SL Green and we are delighted to collaborate with our new joint venture partner, Allianz, in one of New York City’s truly special buildings.”

SL Green purchased the 57-story tower as part of a joint venture in 2002, and acquired full control of the 98%-leased building in 2011.

Cushman and Wakefield’s Doug Harmon and Adam Spies represented SL Green.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.