RCA in the commercial property press:

SL Green Buys Out Partner's Stake at 1515 Broadway

Bloomberg reports: SL Green Realty Group recently bought out the remaining stake in 1515 Broadway, which houses the Viacom Inc headquarters and sits in Manhattan’s Times Square, from SITQ (a real estate investment unit of Canada pension fund manager Caisse de Depot et Placement du Quebec) for a price that would value the entire property at $1.2 billion. The 1.75 million square-foot building was originally purchased by SITQ and SL Green for $484 million in 2002, with SITQ holding a roughly 31.5% stake. It is currently 97% occupied and recently went through an extensive renovation.

Of the sale, Real Capital Analytics’ Managing Director Dan Fasulo chimed in that the buyout represented “…another example of how the market has improved over the last 18 months. We’re within maybe 10 percent of record levels.” Bloomberg added that “SL Green, Manhattan’s biggest office landlord, has been benefiting from climbing New York office values as vacancies decline and rents rise. The real estate investment trust yesterday said first-quarter funds from operations jumped 68 percent, beating analyst estimates, as rent revenue increased and it received income from the sale of debt on 280 Park Ave.”

Articles related to this topic:

 New Jersey Office Sellers Aspire to Manhattan Pricing
 Pieces Fall into Place for US Steel Tower Sale
 US Commercial Property Sales Post YOY Growth on Strong Office, Hotel Sales
 The Uncoupling of Southwestern Florida's Residential and Commercial Housing Markets
 Vornado Considering Sale of Long-Stalled Downtown Crossing Development
 Vornado and SL Green Come Together for Majority Stake at 280 Park Ave

Posted by: Nina Turner

<< Prev

Next >>