SL Green Realty has entered into a contract to sell its 25% interest in the commercial condominium units located at 55 West 46th Street, a building also called Tower 46, to a Brookfield Asset Management real estate fund. The stake has a gross valuation of $275 million, or $793 per square foot.
The transaction is expected to close during the first quarter of 2021 and generate net cash proceeds of $20 million.
The sale is part of the REIT's divestment strategy of non core assets, according to chief investment officer David Schonbraun. It is ploughing the proceeds back into its formidable share repurchase program. "The transaction also serves to further demonstrate the resiliency of the Manhattan office market and the continued demand by institutional investors for well-located, Class A real estate assets in Midtown," he said in prepared remarks.
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SL Green acquired the commercial condominium units at the property, consisting of office floors 2, 22-34, a retail store on 46th street and the building's parking garage and fitness center, in 2014.
Paul Gillen, Anthony Ledesma, and Kyle van Buitenen of Hodges Ward Elliott represented SL Green in the sale.
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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.
