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SL Green Realty Corp. (NYSE: SLG) today announced that it has entered into a contract to acquire the fee interest at 635 Madison Avenue for $145 million. The off-market transaction, which is subject to customary closing conditions, is expected to be completed during the third quarter of 2014. The property is encumbered by a ground lease through April 2030 with one 21-year renewal extension option.
The acquisition increases SL Green’s footprint in Manhattan’s prestigious Plaza District, where it also owns several office and retail properties, including 625 Madison Avenue, 724 Fifth Avenue, 1350 Avenue of the Americas, 10 E. 53
rd Street and the recently acquired retail at 650 Fifth Avenue.
Designed by Emery Roth & Sons, completed in 1958, the improvements of the fee interest include a 19-story 176,530-square-foot office tower occupied by a selection of office and medical tenants, including the prestigious watchmaker Raymond Weil. On the ground floor, the property features world-class luxury retail tenants Baccarat, Molton Brown and Camper.
SL Green Realty Corp., New York City'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 December 31, 2013, SL Green held interests in 92 Manhattan buildings totaling 44.4 million square feet. This included ownership interests in 27.8 million square feet of commercial buildings and debt and preferred equity investments secured by 16.6 million square feet of buildings. In addition to its Manhattan investments, SL Green held ownership interests in 31 suburban buildings totaling 5.4 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.
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