SL Green Realty just made history with a $2.6B purchase of 11 Madison Ave from the Sapir Organization and its minority partner, CIM Group, making it the biggest single-building transaction in New York City history. The CBRE-brokered deal also makes it the second-highest price paid for a New York City office tower, second only to the $2.8B sale of the GM Building. Sapir, which purchased the 2.3M SF building in 2003 for $675M, scored big on the deal: chief executive Rotem Rosen tripled building NOI from $40M to $120M. SL Green CEO Marc Holiday said he would look for ways to monetize the asset. The building houses big names like Sony, Yelp and Credit Suisse. [TRD]
SL Green Sets New York City Record With $2.6B Deal
Continue reading this story with a free account
Log in or register
Related Topics:
11 Madison Ave
, 11 Madison Avenue
, CBRE
, GM Building
, Office CRE
, Rotem rosen
, Sapir group
, Sapir Organization
, SL Green CEO Marc Holliday
, SL Green Realty
:quality(80))
:quality(80))
:quality(80))
:quality(80))
:quality(80))
:quality(80))
:quality(80))
:quality(80))
:quality(80))
:quality(80))
:quality(80))
:quality(80))