SL Green is getting closer to its $2.5B sell-off goal.
New York City's biggest office landlord struck a deal to sell 110 Greene St. in SoHo for $226M, it announced Wednesday. The REIT identified the buyer as Manhattan-based Natora Group.
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SL Green acquired a 90% interest in the 13-story, 223K SF building in 2015 at a $255M valuation. The discount reflects that even among a resurgent office market, the value of older buildings far from transit hubs hasn't kept pace with the surging trophy towers around Grand Central that have been at the core of the REIT's recent strategy.
The deal, which is expected to close in the fourth quarter, would generate $216M of cash for SL Green. The building, constructed in 1910, isn't encumbered by a mortgage, according to the REIT's annual report from 2025.
“Our team executed a successful leasing strategy at 110 Greene, bringing the building to full occupancy at market-leading rents,” SL Green President and Chief Investment Officer Harrison Sitomer said in a statement. “This transaction further signifies the depth of domestic and international buyers in the market across varying property types.”
Also known as The SoHo Building, 110 Greene is home to a Balenciaga store on the ground floor and sits in the heart of SoHo's cobblestone-street shopping district. It was 95% leased at the end of 2025 to a total of 52 tenants, according to the annual report.
Eastdil Secured Savills' Gary Phillips, Will Silverman and Carly Shoulberg arranged the deal. Natora didn't immediately respond to a request for comment.
SL Green has been systematically shedding property since announcing a plan last year to sell $2.5B worth of assets. It reached a deal in June to sell 10 E. 53rd St. to Meadow Partners for $312M, following sales earlier this year of a Financial District apartment tower for $223M and a 49% stake in its upcoming office project at 346 Madison Ave.
Like its sale on East 53rd Street, SL Green says it plans to use the proceeds from 110 Greene St. to pay off corporate debt. It had more than $4.5B of total debt at the end of June, up half a billion dollars from six months prior.
The latest deal comes amid a slower period in the city's investment sales market after a roaring start to the year. Overall investment sales dipped by 6% between the first quarter and second quarter in NYC, falling from $8.3B to $7.8B, according to Cushman & Wakefield. Still, the first half of the year saw 31% higher transaction volume than a year prior, and more investors are signaling they are ready to buy Manhattan offices again.
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