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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. 

Read More News Stories About: SL Green Realty Corp
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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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