SL Green, the city’s largest office landlord, has agreed to sell 19 West 44th Street for $123.2 million to Deka Immobilien, a German real estate investor.
That’s nearly double the $67 million that SL Green paid for the 292,000-square-foot building in 2004. The company plans to invest the $118 million in net proceeds towards 125 Park Avenue, which it agreed to buy from Shorenstein Properties for $330 million, The Real Deal reported.
The sale comes just as the building has scored a new tenant, Forest Management, which signed a 17,684-square-foot lease for 11 years, according to today’s Commercial Observer. Since SL Green took over, occupancy in the building has increased to 99 percent, up from 86.
The sale is expected to close this fall.