SL Inexperienced Realty and its companions have entered right into a contract to promote the price possession curiosity in 625 Madison Ave. for $632.5 million, or $1,123 per sq. foot, to a world actual property investor. In reference to the sale, SL Inexperienced and its companions will originate a $234.5 million most popular fairness funding within the property. Web proceeds from the sale will likely be utilized by the REIT for the compensation of company debt.
Positioned between 58th and 59th Road, 625 Madison Ave. is a 17-story, 563,000-square-foot workplace constructing with floor ground retail area. SL Inexperienced acquired its curiosity within the property by a earlier mezzanine funding.
Individually, SL Inexperienced and Vornado Realty Belief introduced that they’ve signed a 15-year renewal and enlargement lease with a monetary providers tenant protecting 269,905 sq. ft on six flooring at 280 Park Ave. Spanning your entire block entrance of Park Avenue between forty eighth and forty ninth Streets, 280 Park Avenue is a 1.25 million-square-foot Midtown Manhattan workplace constructing owned in three way partnership between SL Inexperienced and Vornado.
The tenant was represented by Mary Ann Tighe, Ken Meyerson, Brendan Herlihy, Eric Thomas and Marlee Teplitzky of CBRE along with Evan Margolin of JLL, whereas the three way partnership was represented by Glen Weiss and Steven Durels together with the CBRE crew of Peter Turchin, Greg Rothkin and Jason Pollen.
And in a 3rd deal, SL Inexperienced reported that Stonepeak Companions has signed a brand new 76,716 sq. foot, 15-year lease protecting your entire 31st and 32nd flooring at 245 Park Avenue. To this point in 2023, SL Inexperienced has signed leases totaling 199,872 sq. ft within the constructing.
245 Park Avenue is a 1.8 million-square-foot, Class A workplace constructing situated straight throughout from JP Morgan Chase’s new world headquarters. Stonepeak Companions was represented by Silvio Petriello, Ben Friedland and Tamika Kramer of CBRE, and the owner was represented by Patrick Murphy, Bruce Mosler, Tara Stacom, Harry Blair, Ron LoRusso, Justin Royce and Will Yeatman of Cushman & Wakefield.
