SL Green Realty Corporation has entered into a contract to purchase a majority and controlling interest in 460 West 34th Street in Manhattan. The transaction values the 20-story class A office building at a gross purchase price of $440m. Taking into consideration previous structured investments made through SL Green’s debt and preferred equity platform, the company’s blended average basis in the asset will be $528 per sq ft. The deal is expected to close in the first half of 2019.
“Through our direct real estate relationships, we were able to finance multiple off-market investments in the property. Following a series of successful negotiations, those investments are now resulting in ownership of a controlling majority, direct ownership stake in a building which will undoubtedly deliver value to our shareholders in the years to come,” said Brett Herschenfeld, managing director at SL Green.
