NEW YORK CITY—SL Green Realty Corp. is reportedly making preparations to market its 609 Fifth Ave. mixed-use property in Midtown Manhattan for sale.
The 156,000-square-foot office-retail building on 49th Street is home to the American Girl Place toy store. The property could command as much as $600 million, according to a report at Bloomberg.com.
The lease with Mattel Inc.'s American Girl expires in early 2018, according to Darcy Stacom, a vice chairman at CBRE Group Inc. “This is perfect high street retail,” Stacom said in the published report. “It's across the street from Saks Fifth Avenue and catty-corner to Rockefeller Center. This is the anchor of the gold coast.” A CBRE spokesperson had no comment on reports that 609 Fifth Ave. will be available for purchase. The offering will reportedly also include 50,000 square feet of development rights.
About six months ago, SL Green officials informed investors that it was looking to sell several non-core properties. A month ago, SL Green agreed to purchase the 11 Madison Ave. office tower that is home to Credit Suisse Group AG's US headquarters for $2.29 billion.
The New York City-based REIT is already marketing Tower 45, a 440,000-square-foot office building on West 45th Street. Rick Matthews, an SL Green spokesman, says the Fifth Avenue property is one of a number of “mature, non-core assets” the company would have sought to sell even without having agreed to shell out more than $2 billion for the 11 Madison Ave. property. See story at Bloomberg.com.
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