New York's largest office landlord, SL Green, is putting up for sale 24 floors of Manhattan office space with a $700M price tag, the latest in a series of sales, it was revealed yesterday.
The REIT co-owns the 685k SF space on 1745 Broadway with Ivanhoé Cambridge, with SL Green holding a 56.9% majority share of the property. JLL's Richard Baxter will handle the sale.
Earlier this year, the REIT sold Tower 45 120 West 45th St for $380M, followed by the $220M sale of an 80% stake in mixed-use building 131-137 Spring St to Invesco.
Although unconfirmed, rumor has it that the funds from the sale will help pay for SL Green's August trophy $2.6B acquisition of the 2M SF 11 Madison Ave.
Whoever purchases 1745 Broadway could charge higher rents, with current tenant Random House likely to exercise a clause in its lease to vacate some of its floors. [Crain's]