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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.
- ◦Sale/Acquisition