“This deal, and our recent capitalization of 245 Park, reaffirm that well-located office real estate in New York is still among the most sought-after asset classes in the world,” said Brett Herschenfeld, Executive Vice President, Retail and Opportunistic Investments at SL Green. “Whether properties are upgraded to state-of-the-art office or are converted into a multitude of other uses that are in high demand, the appetite for Class-A office properties in prime Manhattan locations remains strong and growing.”
Located between 58th and 59th Street, 625 Madison Avenue is currently a 17-story, 563,000-square-foot office building with ground floor retail space. In close proximity to Central Park with easy access to nine subway lines, the 625 Madison address combines elegance, prestige and convenience.
SL Green acquired its interest in the property through a previous mezzanine investment.
About SL Green Realty Corp.
SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2023, SL Green held interests in 59 buildings totaling 32.5 million square feet. This included ownership interests in 28.8 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.
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