SL Green is under contract to sell a minority stake in 1515 Broadway in a deal that values the property at close to $2B.
In a deal that is expected to close by the end of the year, SL Green will sell 43% of its mixed-use building to German insurance company Allianz SE for $460M, the New York Post reports. The deal assigns an overall value of $1.95B for the building, including its $885M mortgage.
Part of the high price tag no doubt comes from the building's location in the heart of Times Square. While the tide is turning away from office and toward retail and hotels in the neighborhood, broadcasting giant Viacom has a lease for 1.6M SF of the property's 1.86M SF that runs until 2030.
The ground floor of 1515 Broadway contains the "Lion King"-hosting Minskoff Theatre and the Playstation Theater, as well as several retail spaces occupied by tenants such as Skechers and Oakley. Other revenue generators include a 400-space underground parking garage and electric ad signage that the Post suggests could be updated soon.
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