SL Green Realty Corp. is on a mission to sell off property in order to buy 11 Madison Avenue for $2.29 billion, and today, bids are due for its 609 Fifth Avenue, home to Mattel’s American Girl Place, a source with intimate knowledge of the situation said. Among the bidders for the West 49th Street property is Joseph Sitt‘s Thor Equities, the source said.
The 13-story, 166,541-square-foot retail and office building is expected to trade in the $500 million range.
According to the CBRE marketing brochure, the building is 75 percent occupied. American Girl Place store has a lease spanning 46,601 square feet on the first, second and third floors as well as the mezzanine and basement through March 2018, the marketing materials said. The specialty dolls and accessories store’s rent is $8 million per year, the source said, and goes to free-market value if the toy company renews for a five-year term. DZ Bank anchors the building’s 119,940 of office space. The property, which was erected in 1925 as McCutcheon’s Department Store, offers 50,000 square feet of unused air rights.
Other tenants in the building include Korean Airlines, GigaSpaces Technologies, Michael Herman Fine Jewelry and Jemma.
CBRE’s Darcy Stacom is marketing the property which SL Green bought in the summer of 2006 for $182 million.
Thor declined to comment. SL Green and CBRE didn’t immediately respond to a request for comment via spokesmen.