SL Green Sells Three NYC Properties; to Net $240M

NEW YORK CITY—SL Green Realty Corp. reports it has reached separate agreements to sell 2 Herald Square and 180 Broadway, and has closed on the sale of the development properties at 985-987 Third Ave. The three transactions will generate net cash proceeds to the REIT of $240 million.

SL Green says it will sell the leased fee interest in 2 Herald Square for $365 million. The sale of the leased fee interest, which is improved with an existing 11-story 365,000 square foot commercial office building, is expected to close during the fourth quarter of 2014. SL Green acquired the leased fee interest in 2 Herald Square in a joint venture partnership in 2007 and fully consolidated its position in 2010. Steven Kohn of Cushman & Wakefield represented SL Green in the transaction.