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New York & Tri-State  + Office  | 

SL Green, Ivanhoe Trade 1745 Broadway Offices to Invesco

SL Green Realty Corp. and joint venture partner Ivanhoe Cambridge are under contract to sell the office condominium at 1745 Broadway for $633 million, or $939 per square foot. The buyer is an institutional client of Invesco Real Estate.

1745 Broadway is 100% leased as it changes hands. “After securing a long-term lease extension with investment grade tenant Random House and stabilizing the asset, we determined that this was the right time to monetize our success with the property,” said co-CIO David Schonbraun. Random House occupies 604,000 square feet at the 50-story tower, which also includes luxury apartments on its upper floors.

Separately, SL Green is selling two Westchester County office properties, 115-117 Stevens Avenue in Valhalla, and Reckson Executive Park in Rye Brook, to different buyers for $67 million. CBRE represented the REIT on the suburban sales, while Eastdil Secured marketed 1745 Broadway.

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Inside The Story

Read more at BusinessWireConnect With SL Green's Schonbraun

About Paul Bubny

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 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).

  • ◦Economy
  • ◦Sale/Acquisition