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SL Green Divests Former Kenneth Cole Headquarters
SL Green Realty Corp. has sold its ownership interest in 707 Eleventh Ave., formerly the headquarters of Kenneth Cole, for $95 million. The buyer reportedly was a partnership of the Georgetown Company and Beacon Capital Partners,
The REIT acquired the 160,000-square-foot, loft-style building on Manhattan’s Far West Side for $90 million in January 2020. The 707 Eleventh sale is expected to close in the first quarter of 2022, subject to customary closing conditions. Proceeds are expected to be used to repay corporate debt.
“The sale of 707 Eleventh Ave. demonstrates investor demand for quality, value-add investment opportunities in New York City,” said Harrison Sitomer, SVP of SL Green.
A team led by Andrew Scandalios at JLL represented SL Green in the sale. It’s the fourth sale in less than two weeks for SL Green, including a partial interest sale of One Madison Ave.
- ◦Sale/Acquisition
