News
SL GREEN TWOFER; ROCKIN' RETAIL
December 7, 2010
| Looks like SL Green’s been holiday shopping. Yesterday, the REIT announced it's agreed to purchase investments from Gramercy Capital Corp for a total price of $391M, including the assumption of $266M in debt. |
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| First stop: The Lipstick Building (aka Madoff’s old digs, pictured) where SL Green bought the right to a 100% leasehold for $39.2M, plus assumed mortgage debt of $120M. It also took a 45% JV interest in the ground lease of 2 Herald Square for $25.6M, plus assumed mortgage debt of $86.1M. It also purchased the entire leasehold in 292 Madison Ave for $19.2M, assuming $59.1M in mortgage debt. Lastly, it purchased a $38.7M mezz loan secured by equity interests in 601 W 26th St, aka the Starrett-Lehigh Building, supplementing an existing investment in the property. (Apparently if you buy four buildings, shipping is free.) |
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| And an early present for SL Green’s 100 Park Avenue: New tenant AECOM Technology Corp inked a 12-year, 109k SF lease at the newly redeveloped building. AECOM, which acquired Tishman Construction (the original builder of 100 Park) in July, is consolidating from other locations and will occupy floors 5, 6, 18, and 19 (Lost and Fibonacci fans can try and figure out why those numbers). Tishman Real Estate Services’ Joseph Simone and CBRE’s Adam Foster repped the tenant, while Cushman & Wakefield’s Tara Stacom, Paul Glickman, Mitti Liebersohn,Alexander Chudnoff, Diana Biasotti, Jonathan Tootell, and Peter Alden repped SL Green. |
