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	<title>The Commercial Observer &#187; 635, 641 Sixth Avenue Bought for $173 Million</title>
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		<title>The Commercial Observer &#187; 635, 641 Sixth Avenue Bought for $173 Million</title>
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		<title>635, 641 Sixth Avenue Bought for $173 Million</title>

		<comments>http://commercialobserver.com/2012/10/635-641-sixth-avenue-bought-for-173-million/#comments</comments>
		<pubDate>Mon, 01 Oct 2012 11:32:02 -0400</pubDate>
					<link>http://commercialobserver.com/2012/10/635-641-sixth-avenue-bought-for-173-million/</link>
			<dc:creator>Carl Gaines</dc:creator>
				
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		<description><![CDATA[<p><strong>SL Green</strong> has bought two Midtown South buildings for $173 million as part of its effort to expand into the booming submarket. The two adjoining buildings were once part of a single Ladies’ Mile department store.</p>
<p>The buildings, <strong>635 Sixth Avenue</strong> and <strong>641 Sixth Avenue,</strong> were bought from <strong>Atlas Capital Group,</strong> whose other New York holdings include <strong>845 West End Avenue</strong> and <strong>24-02 Queens Plaza South.</strong></p>
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<p><div id="attachment_240397" class="wp-caption alignleft" style="width: 310px"><a href="http://nyocommercialobserver.files.wordpress.com/2012/10/635-sixth.jpg"><img class="size-medium wp-image-240397" title="635 Sixth" src="http://nyocommercialobserver.files.wordpress.com/2012/10/635-sixth.jpg?w=300" alt="" width="300" height="225" /></a><p class="wp-caption-text">635 Sixth Avenue.</p></div></p>
<p>At 104,000 square feet, 635 Sixth Avenue was the home of the<strong> Apex Technical School.</strong> Apex recently left the building for Atlas’s 24-02 Queens Plaza South building. This will allow SL Green to redevelop the office space there, following an infusion of capital.</p>
<p>Meanwhile, 641 Sixth Avenue, at 163,000 square feet, is 100 percent occupied by office tenants, including tech firms <strong>Google</strong> and <strong>Infor.</strong></p>
<p>“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,” said <strong>Isaac Zion,</strong> the REIT’s co-chief investment officer.</p>
<p>SL Green President <strong>Andrew Mathias</strong> said that the acquisitions are “classic SL green-type investments,” sourcing off-market transactions and then underwriting and executing them.</p>
<p>“This is a great example of how we utilize our extensive relationships and know-how to capitalize on opportunities,” Mr. Mathias added.</p>
<p>Together, the buildings have 47,000 square feet of retail space and 184 linear feet of frontage along Sixth Avenue.</p>
<p><strong>Robert Martin,</strong> a Manhattan office expert at <strong>Jones Lang LaSalle,</strong> advised on the transaction. Spokespeople for SL Green, Atlas and Apex didn’t return phone calls in time for publication.</p>
<p><em>cgaines@observer.com</em></p>
]]></description>
		<content:encoded><![CDATA[<p><strong>SL Green</strong> has bought two Midtown South buildings for $173 million as part of its effort to expand into the booming submarket. The two adjoining buildings were once part of a single Ladies’ Mile department store.</p>
<p>The buildings, <strong>635 Sixth Avenue</strong> and <strong>641 Sixth Avenue,</strong> were bought from <strong>Atlas Capital Group,</strong> whose other New York holdings include <strong>845 West End Avenue</strong> and <strong>24-02 Queens Plaza South.</strong></p>
<p><!--more--></p>
<p><div id="attachment_240397" class="wp-caption alignleft" style="width: 310px"><a href="http://nyocommercialobserver.files.wordpress.com/2012/10/635-sixth.jpg"><img class="size-medium wp-image-240397" title="635 Sixth" src="http://nyocommercialobserver.files.wordpress.com/2012/10/635-sixth.jpg?w=300" alt="" width="300" height="225" /></a><p class="wp-caption-text">635 Sixth Avenue.</p></div></p>
<p>At 104,000 square feet, 635 Sixth Avenue was the home of the<strong> Apex Technical School.</strong> Apex recently left the building for Atlas’s 24-02 Queens Plaza South building. This will allow SL Green to redevelop the office space there, following an infusion of capital.</p>
<p>Meanwhile, 641 Sixth Avenue, at 163,000 square feet, is 100 percent occupied by office tenants, including tech firms <strong>Google</strong> and <strong>Infor.</strong></p>
<p>“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,” said <strong>Isaac Zion,</strong> the REIT’s co-chief investment officer.</p>
<p>SL Green President <strong>Andrew Mathias</strong> said that the acquisitions are “classic SL green-type investments,” sourcing off-market transactions and then underwriting and executing them.</p>
<p>“This is a great example of how we utilize our extensive relationships and know-how to capitalize on opportunities,” Mr. Mathias added.</p>
<p>Together, the buildings have 47,000 square feet of retail space and 184 linear feet of frontage along Sixth Avenue.</p>
<p><strong>Robert Martin,</strong> a Manhattan office expert at <strong>Jones Lang LaSalle,</strong> advised on the transaction. Spokespeople for SL Green, Atlas and Apex didn’t return phone calls in time for publication.</p>
<p><em>cgaines@observer.com</em></p>
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