NEW YORK, Dec. 14, 2021 (GLOBE NEWSWIRE) — SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, today announced the sale of its ownership interest in 707 Eleventh Avenue for a gross sale price of $95.0 million to a domestic buyer. SL Green purchased the 160,000 square foot, loft-style building in January of 2020 for $90.0 million. The transaction is expected to close in the first quarter of 2022, subject to customary closing conditions. Proceeds from the sale are expected to be used for the repayment of corporate debt.
“The sale of 707 Eleventh Avenue demonstrates investor demand for quality, value-add investment opportunities in New York City,” said Harrison Sitomer, Senior Vice President of SL Green.
A team led by Andrew Scandalios at JLL represented SL Green in the transaction.
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, 2021, SL Green held interests in 76 buildings totaling 35.3 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 7.3 million square feet securing debt and preferred equity investments.
Forward Looking Statement
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SLG – A&D