SL Green Sells Former Kenneth Cole HQ on 11th Avenue for $95M
By Rebecca Baird-Remba December 14, 2021 1:08 pm
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SL Green Realty Corp., which has sold off several properties in the last few weeks, struck a deal to sell Kenneth Cole’s former headquarters at 707 11th Avenue to The Georgetown Company and Beacon Capital Partners for $95 million, Commercial Observer has learned.
The city’s largest office landlord purchased the six-story, 160,000-square-foot loft building between West 50th and West 51st streets from Kenneth Cole for $90 million in January 2020. The fashion brand orchestrated a deal that involved leasing 37,169 square feet of office and showroom space from SL Green (SLG) after the sale, as CO reported last year.
SL Green was in the midst of renovating the early 20th century Renaissance Revival property, but it’s not clear how far along work is at the moment.
JLL (JLL)’s Andrew Scandalios and his team represented SL Green in the transaction, which is expected to close in January 2022. A JLL spokesman declined to comment on the transaction. Proceeds from the sale will be used to repay corporate debt.
Cushman & Wakefield’s Josh King – who runs the firm’s capital markets life sciences practice in New York – represented the buyer.
“The sale of 707 Eleventh Avenue demonstrates investor demand for quality, value-add investment opportunities in New York City,” said Harrison Sitomer, a senior vice president at SL Green.
Georgetown already owns the former Packward Motors showroom building nearby at 787 11th Avenue, between West 53rd and West 54th streets, and has plans to build a 1.1-million-square-foot office building near Hudson Yards at 260 12th Avenue, between West 29th and West 30th streets.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
