SL Green Divests Former WeWork Space on Fifth Avenue
SL Green Realty Corp. has agreed to sell the vacant office condominium at 609 Fifth Ave., formerly occupied in its entirety by WeWork, to a domestic investor for a gross sale price of $100.5 million. The transaction is expected to close later this month.
“SL Green continues to work aggressively to drive value for our shareholders through strategic dispositions that generate incremental liquidity for reinvestment and debt repayment,” said Harrison Sitomer, CIO of SL Green.“The sale of 609 Fifth Ave. is evidence of the continued demand and premium valuation for well-located assets in Midtown East.”
609 Fifth Ave. is located on the corner of Fifth Avenue and 49th Street. The 139,000-square-foot office condo benefits from work performed as part of SL Green’s repositioning of the entire building. In May 2020, SL Green sold the retail condo to an affiliate of the Reuben Brothers for $168 million.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).