{"id":1004053894,"date":"2012-12-04T08:07:37","date_gmt":"2012-12-04T16:07:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004053894"},"modified":"2022-12-08T21:29:13","modified_gmt":"2022-12-09T05:29:13","slug":"sl-green-sells-london-asset-for-100m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-london-asset-for-100m\/","title":{"rendered":"SL Green Sells London Asset for $100M"},"content":{"rendered":"

By Keith Loria, Contributing Writer<\/em><\/p>\n

\"\"<\/a><\/p>\n

SL Green Realty Corp and its partner Westcore Properties have sold their shares in the Jersey Property Unit Trust, which owns a long-term leasehold interest in Procession House, a Class A office building in London to a U.K.-based property company for $100 million.<\/p>\n

Located at 55 Ludgate Hill in the City of London, the 105,195-square-foot mixed-use building is located over the City Thameslink Station, a national rail station.<\/p>\n

SL Green\u00a0will receive in the neighborhood of $34.3 million in net proceeds from the completed transaction and realize an internal rate of return in excess of 20 percent on its investment.<\/p>\n

SL Green and Westcore acquired the property\u2019s mortgage in September 2010.\u00a0 When the mortgage defaulted in June 2012, Green Loan Services L.L.C. exercised remedies and put the property into receivership.<\/p>\n

\u201cThe sale of Procession House represents the highly successful conclusion of what was a unique investment for SL Green, outside our usual geographic focus, but certainly within our debt investment and special servicing expertise,\u201d David Schonbraun, SL Green Realty Corp.\u2019s co-chief investment officer, said.<\/p>\n

Completed in 1999, Procession House was developed in conjunction with the Corporation of London in 1999 and pre-let to investment bank Goldman Sachs, who remains its major tenant with a 98,262-square-foot lease that extends to September 2024.<\/p>\n

Jones Lang LaSalle\u2019s London investment sales team led by Andrew Hawkins marketed the sale of the asset.<\/p>\n","protected":false},"excerpt":{"rendered":"

SL Green Realty Corp and its partner Westcore Properties have sold their shares in the Jersey Property Unit Trust, which owns a long-term leasehold interest in Procession House, a Class A office building in London to a U.K.-based property company for $100 million.<\/p>\n","protected":false},"author":451,"featured_media":1004053897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,21783,21752,21742],"tags":[],"class_list":["post-1004053894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","category-investment","category-mixed-use","category-latest"],"acf":[],"yoast_head":"\nSL Green Sells London Asset for $100M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-london-asset-for-100m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SL Green Sells London Asset for $100M\" \/>\n<meta property=\"og:description\" content=\"SL Green Realty Corp and its partner Westcore Properties have sold their shares in the Jersey Property Unit Trust, which owns a long-term leasehold interest in Procession House, a Class A office building in London to a U.K.-based property company for $100 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-london-asset-for-100m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-12-04T16:07:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T05:29:13+00:00\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/12\/London-office.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-sells-london-asset-for-100m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-sells-london-asset-for-100m\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"SL Green Sells London Asset for $100M\",\"datePublished\":\"2012-12-04T16:07:37+00:00\",\"dateModified\":\"2022-12-09T05:29:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-sells-london-asset-for-100m\\\/\"},\"wordCount\":238,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-sells-london-asset-for-100m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/12\\\/London-office.jpg\",\"articleSection\":[\"International\",\"Investment\",\"Mixed Use\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-sells-london-asset-for-100m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-sells-london-asset-for-100m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-sells-london-asset-for-100m\\\/\",\"name\":\"SL Green Sells London Asset for $100M - 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