This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

SL Green Announces Acquisition Of Two Midtown South Office Buildings In An Off-Market Transaction

SL Green Realty Corp. (NYSE: SLG) announced today that it has acquired 635 Sixth Avenue and 641 Sixth Avenue for a total of $173.0 million, or $648 per square foot from Atlas Capital Group, LLC.

The two adjoining properties, built in 1902 originally as a contiguous department store along Sixth Avenue, span the full block between 19 th and 20 th Streets – the core of the thriving Midtown South submarket. 635 Sixth Avenue is a 104,000 square foot building that was recently vacated in its entirety by Apex Technical School. 641 Sixth Avenue, is a 163,000 square foot, fully renovated, multi-tenanted office building that houses leading technology firms including Google and Infor. Atlas acquired 641 Sixth Avenue in 2007 and had recently agreed to purchase 635 Sixth Avenue to complete the full block front assemblage. The buildings have a combined 47,000 square feet of prime retail space contained within 184 linear feet of frontage along the vibrant lower Sixth Avenue retail corridor. Office occupancy at 641 Sixth Avenue is 100% and the 635 Sixth Avenue office space will be redeveloped with a significant capital infusion in order to reposition it for high quality tenancy in the Midtown South market.

“First the acquisition of 304 Park Avenue South and now the addition of these two properties are classic SL Green-type investments – sourcing off-market transactions, fully understanding their complexities, underwriting their potential and then executing,” stated Andrew Mathias, President of SL Green. “This is a great example of how we utilize our extensive relationships and know-how to capitalize on opportunities.”

Isaac Zion, co-Chief Investment Officer added “One of our stated goals in 2012 was to expand our presence in Midtown South, the hottest office submarket in New York with a current vacancy rate below five percent, and this latest transaction further demonstrates our continuing belief in the strength and vitality of the expanding creative, media, and technology sectors.”

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,135.53 +104.39 0.61%
S&P 500 2,000.89 +16.76 0.84%
NASDAQ 4,556.4150 +37.5130 0.83%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs