SL Green to Sell Fee Interest in 635 Madison for $151M
By Liam La Guerre May 10, 2018 9:54 am
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SL Green Realty Corp. has completed an agreement to sell the fee interest of the 635 Madison Avenue office building in the Plaza District for $151 million, according to a release from the landlord today.
The deal results in a $6 million profit for SL Green (SLG) since it acquired the property four years ago. The company, which is the largest office landlord in the city, expects the sale of the 19-story building between East 59th and East 60th Streets to be completed during the third quarter of 2018.
The buyer of the fee interest of the 176,500-square-foot structure was real estate investment trust Safety, Income & Growth, according to the company’s recent public filings. Adam Spies and Doug Harmon of Cushman & Wakefield (CWK) handled the transaction for SL Green. The brokers did not immediately return a request for comment via a C&W spokesman.
The proceeds from the sale will be used for SL Green’s $1.5 billion stock repurchase program.
Ashkenazy Acquisition owns the property via a leasehold that expires in 2030. The leasehold includes one 21-year option to renew, as CO previously reported.
Retail tenants at 635 Madison Avenue include jewelry and accessories company Baccarat and cosmetics store Molton Brown.
