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SL Green Realty Corp. (NYSE: SLG) today announced it has reached agreement to acquire The Olivia, a mixed-use residential and commercial building, situated at the gateway to Manhattan’s far west side. The $386 million acquisition also includes an adjacent lot.
The 36-story, 492,987-square-foot building, which was completed in 2012, is located at 315 West 33
rd Street between 8
th and 9
th Avenues and includes 333 luxury rental apartments. The commercial space, which is 100 percent leased at below-market rental rates, consists of 270,000 square feet primarily situated along 34
th Street, and includes a 14-screen movie theater, five ground-level retail stores, two office suites and a 250-space parking garage.
“We see this acquisition as a great opportunity to expand our multifamily investment platform at a time when the New York City residential market is strong,” said SL Green President, Andrew Mathias. “The property is located in a neighborhood that is expected to absorb thousands of new jobs during the next decade. With those new jobs, the local demand for luxury housing also is expected to climb sharply.”
Mr. Mathias continued, “The property also is strategically situated on the 34
th Street retail corridor, which continues its westward expansion. The anticipated substantial increase in pedestrian traffic between Penn Station and Hudson Yards is likely to strengthen that retail corridor, which we believe will significantly enhance the value of this property’s retail component.”
Darcy Stacom of CBRE Group, Inc., along with Bill Shanahan and Paul Leibowitz, was the exclusive agent for the transaction. In addition, FTI Consulting acted as an advisor to the transaction.
About SL Green Realty Corp.
SL Green Realty Corp., New York City's largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2013, SL Green owned interests in 87 Manhattan properties totaling 42.8 million square feet. This included ownership interests in 27.8 million square feet of commercial properties and debt and preferred equity investments secured by 15.0 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests in 36 suburban assets totaling 6.4 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey, along with three development properties in the suburbs encompassing approximately 0.4 million square feet. The Company also has ownership interests in 30 properties totaling 4.1 million square feet in southern California.