Sales Beat

SL Green to Sell Three Manhattan Assets

180 Broadway. (PropertyShark)

SL Green Realty Corp. has agreed to sell three of its Manhattan assets, the real estate investment trust announced today. The deals, for 2 Herald Square, 180 Broadway and 985-987 Third Avenue, will generate net cash proceeds of $240 million, according to a press release.

The REIT will sell the leased fee interest in 2 Herald Square for $365 million. SL Green acquired the interest in joint partnership in 2007 before consolidating its position in 2010, the landlord said. Read More

Lower Manhattan 2013

Keeping Pace: As One-Time Commuter School Expands, Retailers and Students Clamor for Space in Lower Manhattan buildings

140 William Street

When David Falk toured Pace University’s new dormitory at 180 Broadway in January, he was struck not only by the gleaming facilities but also by what they said about the 107-year-old school.

Mr. Falk, the New York tristate region president of Newmark Grubb Knight Frank, has worked with the university since 1999. The new building “is beautiful,” Mr. Falk said. “It’s the new Pace.”

The transformed school has helped alter the real estate landscape of lower Manhattan. In the past 15 months, Pace has inked deals for the entire 47,000 square feet at 140 William Street, renewed a 32,707-square-foot office lease at 156 William Street, and, with partner SL Green, announced plans for a 30-story dormitory at 33 Beekman Street.

The 220,000-square-foot 180 Broadway—also a joint project with SL Green—came to light in the darkest days of the recession. Pace wanted to bring about 600 beds back to its lower Manhattan campus from Brooklyn Heights. Read More

Manhattan Market Report

Education Sector’s Manhattan Office Space Surges With Monster Deals and Expansions


Though it still makes up just two percent of the Manhattan office market’s total inventory, a number of significant deals have caused a surge in the education sector’s Manhattan footprint.

A report from CBRE attributes the 47 percent jump in office space leased by the sector – between 2005 and November 2012 – to a growing residential population, increases in enrollment at universities, campus expansions, greater availability and lower asking rents in sections of Midtown South and Downtown. Read More