A 150,000-sf office/retail asset, 609 Fifth is home to the American Girl store, which is responsible for more than 50% of the asset's income. On the office side, it's also home to Shelby Collum Davis, Reebok International and former owner DZ Bank. DZ, a German financial institution, sold the property to a venture comprised of Sutton and Blackstone in 2002. The price was $65 million, according to sources. Currently, the Rockefeller Center property is nearly full, and the American Girl lease is solid until 2018.
In a statement, Andrew Mathias, chief investment officer for SL Green, said that the REIT was on the ground floor of the deal because of a previous "structured-finance investment we made in 2003."
On the sell side, Green has also unveiled the disposition of 286 and 290 Madison Ave. for a total of $63 million. The buyer is APF Properties. At closing, expected before June, Green expects to walk away with more than $30 million. Almost fully leased, the assets total 149,000 sf. Richard Baxter and Ron Cohen of Cushman & Wakefield spoke for the REIT in the disposition.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
