News
BIG GREEN SPENDER; THE DEAL SHEET
January 10, 2011
| SL Green’s dishing out the green, purchasing City Investment Fund’s 49.9% interest in 521 Fifth Ave and assuming full ownership of the building. |
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| Although an acquisition price was not disclosed, the transaction values the consolidated interests at nearly $246M. SL Green bought the 490k SF building with CIF in ’06, and the partners subsequently invested $27M to reposition the asset, including improving the building’s infrastructure and curb appeal, and adding of a big block retail space on Fifth Avenue. One of the property’s most recent leasing successes was the addition of Urban Outfitters. This was only one building in the JV platform; the firms also partnered for 19 W 44th St and 485 Lexington Ave. |
