{"id":1004103874,"date":"2014-09-17T07:24:34","date_gmt":"2014-09-17T15:24:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004103874"},"modified":"2022-12-08T19:45:48","modified_gmt":"2022-12-09T03:45:48","slug":"sl-green-to-buy-sell-in-two-deals-totaling-745m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sl-green-to-buy-sell-in-two-deals-totaling-745m\/","title":{"rendered":"SL Green to Buy, Sell in Two Deals Totaling $745M"},"content":{"rendered":"<div id=\"attachment_1004103881\" style=\"width: 200px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/180-Maiden-Lane.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004103881\" data-attachment-id=\"1004103881\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/sl-green-to-buy-sell-in-two-deals-totaling-745m\/180-maiden-lane\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/180-Maiden-Lane.jpg\" data-orig-size=\"500,630\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"180 Maiden Lane\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;180 Maiden Lane&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/180-Maiden-Lane.jpg?w=500\" class=\" wp-image-1004103881 \" alt=\"180 Maiden Lane\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/180-Maiden-Lane.jpg\" width=\"190\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/180-Maiden-Lane.jpg 500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/180-Maiden-Lane.jpg?resize=238,300 238w\" sizes=\"auto, (max-width: 190px) 100vw, 190px\" \/><\/a><p id=\"caption-attachment-1004103881\" class=\"wp-caption-text\">180 Maiden Lane<\/p><\/div>\n<p>By Barbra Murray, Contributing Editor<\/p>\n<p>It\u2019s not every day that a real estate company announces it has signed deals involving two properties valued at an aggregate three-quarters of a billion dollars, but SL Green Realty Corp. has done just that. Along with joint venture partner The Moinian Group, the REIT will\u00a0sell the office building at 180 Maiden Lane for $470 million; in a separate transaction, it will acquire the commercial condo units at 55 W. 46th St. for $275 million.<\/p>\n<p>SL Green had not placed 180 Maiden Lane on the market, but an office operator came along and made an offer the JV couldn\u2019t refuse. The agreement to sell the 40-year-old Class A building comes approximately three years after SL Green and Moinian teamed up to recapitalize the 1.1 million-square-foot office property, located along the water in the Financial District. The REIT ponied up $41 million in cash and operating partnership units valued at $31.7 million for a 49.9 percent stake. At the time, 180 Maiden Lane was fully leased, but it was no secret that a big vacancy was imminent; SL Green walked in with eyes wide open, up for the challenge.<\/p>\n<p>\u201cWe are very pleased with the outcome of our investment in 180 Maiden Lane,\u201d Isaac Zion, SL Green co-chief investment officer, noted in a prepared statement. \u201cIt represents the most recent example of what we believe is our unsurpassed ability to find intrinsic value in an asset and to generate significant returns for our shareholders, as evidenced by our internal rate of return on the investment of approximately 16 percent.&#8221;<\/p>\n<p>Sell a little, buy a little. In an off-market transaction, SL Green will snap up 319,000 square feet of vacant office condo space at 55 W. 46th, as well as a retail store, the building\u2019s parking facility and a fitness center. \u201cBeing able to acquire the most valuable office space, only the tower floors, of a newly constructed office building at a price that is significantly below replacement cost is a rare opportunity,\u201d SL Green President Andrew Mathias said.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s not every day that a real estate company announces it has signed deals involving two properties valued at an aggregate three-quarters of a billion dollars.<\/p>\n","protected":false},"author":755,"featured_media":1004103881,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37774,37775,21783,21742,10,21747,37776,37777,37778],"tags":[],"class_list":["post-1004103874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-dividend-yield","category-rc-forward-affo-payout-ratios","category-investment","category-latest","category-northeast","category-office","category-rc-premium-discount-to-nav","category-rc-price-ltm-ffo","category-rc-total-return"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SL Green to Buy, Sell in Two Deals Totaling $745M - 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-to-buy-sell-in-two-deals-totaling-745m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SL Green to Buy, Sell in Two Deals Totaling $745M\" \/>\n<meta property=\"og:description\" content=\"It\u2019s not every day that a real estate company announces it has signed deals involving two properties valued at an aggregate three-quarters of a billion dollars.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sl-green-to-buy-sell-in-two-deals-totaling-745m\/\" \/>\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=\"2014-09-17T15:24:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:45:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/180-Maiden-Lane.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Suzann D. 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