SL Green's Deal Rampage
SL Green is entering the holiday season on a deal-making swing. NYC’s largest commercial property owner announced Monday not only a 23-building residential play, but also a major JV with Prudential and a move to become the majority owner of the Random House HQ.
Making a strong foray into the residential market, SL Green acquired a 50% share in a massive portfolio owned by Ofer Yardeni’s Stonehenge Partners. The firm acquired Stonehenge co-founder Joel Seiden's share of the portfolio, as he is stepping away from the company, Ofer told Bisnow.
The deal is 2.5M SF, including 2,815 rental apartments and 43k SF of retail in neighborhoods such as Gramercy Park, the West Village and the Upper West Side.
Separately, SL Green announced a couple of office tower deals. First, it teamed up with Prudential on a JV that gives Prudential a 75% stake in Tower 46 (pictured), a 347k SF skyscraper at 55 W. 46th street that SL Green acquired in October for $295M. Next comes word that SL Green increased its investment in 1745 Broadway, the HQ of Random House, and now holds a 56% stake in the 674k SF property.