House that extends another 11 years.
NEW YORK CITY- SL Green Realty Corp. and partner Westcore Properties have sold the Jersey Property Unit Trust, an entity that possesses a long-term leasehold interest in the London-based Procession House. This class A office property covers 105,195 square feet and is situated over the City Thameslink Station.
Jones Lang LaSalle’s London investment sales team, led by Andrew Hawkins, marketed the sale of the asset. Goldman Sachs international is the major tenant of the 14-year-old asset, with 98,262 feet. The lease extends to September 2024 .
In a statement, David Schonbraun, the REIT’s co-chief investment officer said, “The sale of Procession House represents the highly successful conclusion of what was a unique investment for SL Green, outside our usual geographic focus, but certainly within our debt investment and special servicing expertise.”
SL Green will receive approximately $34.3 million in net proceeds from the completed transaction and realize an internal rate of return in excess of 20% on its investment.