NEW YORK CITY—SL Green Realty Corp., New York City's largest office landlord, entered a contract to sell a 43% interest in 1515 Broadway to Allianz Real Estate, the real estate investment and asset manager of the Allianz Group, a German financial services company, headquartered in Munich.
The deal values the 1.86 million square-foot Times Square office tower at $1.95 billion or $1,045 per square foot. Approximately 70% of the transaction is expected to close on Nov. 30, 2017. The remainder is expected to close in the first quarter of next year. SL Green will receive approximately $416 million in cash, following the final closing.
The sale defies recent trends of office relocations to Hudson Yards.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
