SL Green Realty has entered into a contract to sell, along with its partners, its stake in an office building it has been redeveloping at 410 Tenth Ave. The 20-story, 636,000-square-foot building is trading for $952.5 million to an undisclosed buyer.
SL Green currently owns 70.9% of the venture and will retain a 5% interest through the property's redevelopment, which is expected to be completed in the third quarter of 2021. The transaction is expected to close during the fourth quarter of 2020, subject to customary closing conditions. The sale is one of the largest in the US since March and a clear win for the lagging Manhattan office market.
"The sale of 410 Tenth Avenue is yet another indication of the Manhattan office market's resiliency and continued global demand for high-quality, trophy assets with credit rated tenants," said Brett Herschenfeld, Managing Director of SL Green, in prepared remarks.
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SL Green acquired a majority interest in the building in 2018 in an off market transaction. Amazon and First Republic Bank are anchoring the property with 335,000 square foot and 212,000 square foot leases, respectively.
Darcy Stacom of CBRE represented SL Green in the transaction.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
