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SL Green Puts Amazon-Anchored 410 Tenth Under Contract for Nearly $1B
SL Green Realty Corp. said Wednesday it had gone into contract to sell 410 Tenth Ave., a Far West Side redevelopment anchored by Amazon, for $952.5 million. Assuming the sale to an undisclosed buyer—reportedly 601W Cos.—goes through, it would be the largest U.S. commercial deal since March.
The REIT currently owns 70.9% of the venture with its partners in the 636,000-square-foot office property. As part of the sale, the venture is retaining a 5% interest through completion of the property’s redevelopment, which is expected to occur in the third quarter of 2021.
Brett Herschenfeld, managing director of SL Green, said that although the 410 Tenth redevelopment was always intended to be held as a long-term investment, “the sale will allow the company to achieve extraordinary profits, substantially reduce consolidated indebtedness and generate additional liquidity for share repurchases.”
Darcy Stacom of CBRE represented SL Green in the transaction.
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- ◦Sale/Acquisition
