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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