Since acquiring the building, SL Green has repositioned the asset as a key Grand Central address for small office users and in doing so has retenanted the asset, leasing it up to 100% occupancy. Andrew Mathias, president and CIO of SL Green, says in a prepared statement that this transaction, as well as the locally based firm's recent $285-million refinancing for the retail condominium at 717 Fifth Ave., demonstrate SL Green's ability to attract capital even in today's anemic lending environment.
According to MrOfficeSpace.com, the building has an asking rent of $58 per sf. SL Green sources did not return GlobeSt.com queries for further information by deadline.
"During one of the most illiquid financing markets on record, we were pleased to have been able to successfully generate $160 million of corporate capital with these strategic refinancings within our core Midtown office and retail portfolios," Mathias says. "With this additional capital added to our reserves, we now have approximately $850 million of cash and other immediately available capacity to deploy opportunistically and we have eliminated a substantial portion of our near term debt maturities."
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