Largest Commercial Property Sale in the U.S. Since March
SL Green Realty Corp (NYSE: SLG), Manhattan’s largest office landlord, today announced that together with its partners, it has entered into a contract to sell 410 Tenth Avenue, the 636,000-square-foot Manhattan office redevelopment anchored by Amazon and First Republic Bank, for gross consideration of $952.5 million. SL Green currently owns 70.9% of the venture. As part of the sale, the venture is retaining a 5% interest through completion of the property’s redevelopment. The transaction is expected to close during the fourth quarter of 2020, subject to customary closing conditions.
“The sale of 410 Tenth Avenue is yet another indication of the Manhattan office market’s resiliency and continued global demand for high-quality, trophy assets with credit rated tenants,” said Brett Herschenfeld, Managing Director of SL Green. “This transaction is a perfect example of what SL Green has demonstrated successfully so many