{"id":1004127700,"date":"2015-09-18T06:35:30","date_gmt":"2015-09-18T14:35:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004127700"},"modified":"2020-05-11T22:54:44","modified_gmt":"2020-05-12T06:54:44","slug":"sl-green-cleans-house","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sl-green-cleans-house\/","title":{"rendered":"SL Green Cleans House"},"content":{"rendered":"

By Gail Kalinoski, Contributing Editor<\/em><\/p>\n

\"Brett<\/a>

Brett Herschenfeld, SL Green<\/p><\/div>\n

SL Green Realty Corp.,<\/a> continues clearing out some of its Manhattan inventory to help pay for its record-setting $2.3 billion acquisition of 11 Madison Avenue, this time selling two Fifth Avenue retail development sites for $125.4 million.<\/p>\n

The REIT sold 570 Fifth Ave. and 574 Fifth Ave. to an unidentified single buyer, who paid about $13,690 per square foot for the sites. SL Green bought the two properties in November 2013 for $78.7 million and vacated the tenants in preparation for a retail development, according to the REIT.<\/p>\n

SL Green is now selling the sites as another step in its strategic real estate disposition and reinvestment strategy outlined in May when it announced plans to buy Eleven Madison Avenue<\/a>, a 29-story, 2.3 million-square-foot Class A office building in Manhattan\u2019s Midtown South. The deal also called for SL Green, the city\u2019s largest office landlord, to pay $2.3 billion plus approximately $300 million in lease-stipulated improvement costs to the owners, a joint venture of The Sapir Organization and CIM Group.<\/p>\n

Sale of the Fifth Avenue sites is expected to close before the end of the year.<\/p>\n

\u201cWith this transaction, SL Green will realize returns on its original investment that are consistent with our original underwriting without having incurred any development risk,\u201d SL Green Managing Director Brett Herschenfeld said in a prepared statement. \u201cIn addition, the sale provides a source of equity capital that can be tax efficiently redeployed into Eleven Madison on an immediately accretive basis.\u201d<\/p>\n

Earlier this summer, SL Green said it was selling Tower 45<\/a>, a 440,000-square-foot office building at 120 W. 45th<\/sup> St. for $365 million, about $830 per square foot, to an unidentified buyer. The company also formed a joint venture with Invesco Real Estate and sold it 80 percent of the ownership of 131-137 Spring St., a 73,000-square-foot mixed-use building in SoHo. SL Green retained 20 percent ownership of the property valued at $277.8 million.<\/p>\n

SL Green President Andrew Mathias said in July, when the Tower 45 and SoHo deals were announced, that the company was funding the purchase of Eleven Madison with \u201ca strategic combination of property sales, joint ventures, new financing and existing property debt refinancings.\u201d<\/p>\n

The company is also building One Vanderbilt,<\/a> a 1 million-square-foot, 67-story tower across from Grand Central Terminal that will have office and retail space. After New York City officials approved rezoning in May, demolition of current buildings began this summer. SL Green is funding more than $210 million in upgrades around the terminal, including new subway entrances and a public plaza.<\/p>\n

As of June 30, SL Green held interests in 120 Manhattan buildings totaling 44.1 million square feet. The REIT also owns interests in 37 buildings totaling 5.9 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.<\/p>\n","protected":false},"excerpt":{"rendered":"

The REIT implements its strategic disposition and reinvestment strategy.<\/p>\n","protected":false},"author":1068,"featured_media":1004127706,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,11,21742,10,21747],"tags":[],"class_list":["post-1004127700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-midatlantic","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"\nSL Green Cleans House - 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-cleans-house\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SL Green Cleans House\" \/>\n<meta property=\"og:description\" content=\"The REIT implements its strategic disposition and reinvestment strategy.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sl-green-cleans-house\/\" \/>\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=\"2015-09-18T14:35:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-12T06:54:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/09\/slgreen_brett_herschenfeld_1526.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"473\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\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-cleans-house\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-cleans-house\\\/\"},\"author\":{\"name\":\"Gail Kalinoski\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/fc5b5df1393e5023d2417bd48c2fda57\"},\"headline\":\"SL Green Cleans House\",\"datePublished\":\"2015-09-18T14:35:30+00:00\",\"dateModified\":\"2020-05-12T06:54:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-cleans-house\\\/\"},\"wordCount\":458,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-cleans-house\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/09\\\/slgreen_brett_herschenfeld_1526.jpg\",\"articleSection\":[\"Featured\",\"Investment\",\"Mid-Atlantic\",\"News\",\"Northeast\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-cleans-house\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-cleans-house\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-cleans-house\\\/\",\"name\":\"SL Green Cleans House - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-cleans-house\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-cleans-house\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/09\\\/slgreen_brett_herschenfeld_1526.jpg\",\"datePublished\":\"2015-09-18T14:35:30+00:00\",\"dateModified\":\"2020-05-12T06:54:44+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/fc5b5df1393e5023d2417bd48c2fda57\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-cleans-house\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-cleans-house\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-cleans-house\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/09\\\/slgreen_brett_herschenfeld_1526.jpg\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/09\\\/slgreen_brett_herschenfeld_1526.jpg\",\"width\":800,\"height\":473,\"caption\":\"Brett Herschenfeld, SL Green\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/sl-green-cleans-house\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"SL Green Cleans House\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/fc5b5df1393e5023d2417bd48c2fda57\",\"name\":\"Gail Kalinoski\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2023\\\/04\\\/Gail-Kalinoski-headshot.jpeg?w=86\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2023\\\/04\\\/Gail-Kalinoski-headshot.jpeg?w=86\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2023\\\/04\\\/Gail-Kalinoski-headshot.jpeg?w=86\",\"caption\":\"Gail Kalinoski\"},\"description\":\"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. Gail has a bachelor\u2019s degree in journalism from Pace University.\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/gail-kalinoski\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"SL Green Cleans House - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/sl-green-cleans-house\/","og_locale":"en_US","og_type":"article","og_title":"SL Green Cleans House","og_description":"The REIT implements its strategic disposition and reinvestment strategy.","og_url":"https:\/\/www.commercialsearch.com\/news\/sl-green-cleans-house\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2015-09-18T14:35:30+00:00","article_modified_time":"2020-05-12T06:54:44+00:00","og_image":[{"width":800,"height":473,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/09\/slgreen_brett_herschenfeld_1526.jpg","type":"image\/jpeg"}],"author":"Gail Kalinoski","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/sl-green-cleans-house\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/sl-green-cleans-house\/"},"author":{"name":"Gail Kalinoski","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57"},"headline":"SL Green Cleans House","datePublished":"2015-09-18T14:35:30+00:00","dateModified":"2020-05-12T06:54:44+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/sl-green-cleans-house\/"},"wordCount":458,"commentCount":0,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/sl-green-cleans-house\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/09\/slgreen_brett_herschenfeld_1526.jpg","articleSection":["Featured","Investment","Mid-Atlantic","News","Northeast","Office"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/sl-green-cleans-house\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/sl-green-cleans-house\/","url":"https:\/\/www.commercialsearch.com\/news\/sl-green-cleans-house\/","name":"SL Green Cleans House - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/sl-green-cleans-house\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/sl-green-cleans-house\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/09\/slgreen_brett_herschenfeld_1526.jpg","datePublished":"2015-09-18T14:35:30+00:00","dateModified":"2020-05-12T06:54:44+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/sl-green-cleans-house\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/sl-green-cleans-house\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/sl-green-cleans-house\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/09\/slgreen_brett_herschenfeld_1526.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/09\/slgreen_brett_herschenfeld_1526.jpg","width":800,"height":473,"caption":"Brett Herschenfeld, SL Green"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/sl-green-cleans-house\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"SL Green Cleans House"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57","name":"Gail Kalinoski","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/Gail-Kalinoski-headshot.jpeg?w=86","caption":"Gail Kalinoski"},"description":"Kalinoski has been a contributing writer to Commercial Property Executive and Multi-Housing News since 2010 and previously wrote for three years for Commercial Property News. Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. Gail has a bachelor\u2019s degree in journalism from Pace University.","url":"https:\/\/www.commercialsearch.com\/news\/author\/gail-kalinoski\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/09\/slgreen_brett_herschenfeld_1526.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004127700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/1068"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004127700"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004127700\/revisions"}],"predecessor-version":[{"id":1004435431,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004127700\/revisions\/1004435431"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004127706"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004127700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004127700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004127700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}