{"id":1004197760,"date":"2017-11-21T06:24:02","date_gmt":"2017-11-21T14:24:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004197760"},"modified":"2022-12-08T18:41:48","modified_gmt":"2022-12-09T02:41:48","slug":"sl-green-sells-305m-nyc-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-305m-nyc-office-asset\/","title":{"rendered":"SL Green Sells $305M NYC Office Asset"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004197769\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/600-Lexington-Avenue.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004197769\" data-attachment-id=\"1004197769\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-305m-nyc-office-asset\/600-lex-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/600-Lexington-Avenue.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS-1Ds Mark III&quot;,&quot;caption&quot;:&quot;exterior of 600 lexngton Ave&quot;,&quot;created_timestamp&quot;:&quot;1266242958&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;17&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.02&quot;,&quot;title&quot;:&quot;600 lex&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"600 Lexington Ave., Manhattan\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;600 Lexington Ave., Manhattan &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/600-Lexington-Avenue.jpg?w=800\" class=\"wp-image-1004197769 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/600-Lexington-Avenue.jpg\" alt=\"600 Lexington Ave., Manhattan \" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/600-Lexington-Avenue.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/600-Lexington-Avenue.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/600-Lexington-Avenue.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004197769\" class=\"wp-caption-text\">600 Lexington Ave., Manhattan<\/p><\/div>\n<p>SL Green Realty Corp. has closed the sale of 600 Lexington Ave. in Manhattan for $305 million, or $1,005 per square foot. The transaction is expected to close within the first quarter of 2018, generating net cash proceeds of $292 million.\u00a0<\/p>\n<p>The 36-story, 303,515-square-foot, Class A office building is LEED Gold certified and currently 99 percent leased. The property was originally built in 1983 and last underwent renovations in 2010. The asset offers 2,577 square feet of first floor retail and is home to several tenants including Transwestern, KCL Capital, GLC, Altaris and Nissan.\u00a0<\/p>\n<p><em>\u201cThe sale of 600 Lexington represents the culmination of a strategic approach that started with a distinct business plan to make targeted capital improvements in order to increase occupancy and improve the rent profile of the building, and now ends with the opportunity to redeploy the net proceeds we\u2019ve generated into other investment prospects,<\/em>&#8221; said Isaac Zion, co-chief investment officer for SL Green, in prepared remarks. <em>&#8220;This transaction not only completes an exceptional investment for us, it further demonstrates continued investor demand for East Midtown assets.\u201d<\/em><\/p>\n<p>As part of a joint venture, SL Green acquired the property back in May 2010 for $193 million.\u00a0The company then took full ownership of the property in December 2015.\u00a0Darcy Stacom of CBRE represented SL Green in this transaction. As part of another joint venture in\u00a0August, SL Green<strong>\u00a0<\/strong>and\u00a0TH Real Estate sold two\u00a0<a href=\"https:\/\/www.commercialsearch.com\/news\/cbre-pays-97m-for-stamford-towers\/\">Class A office buildings in Stamford<\/a>, Conn. to CBRE Global Investors for $97 million.\u00a0<\/p>\n<p><em>Image courtesy of SL Green Realty Corp.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 36-story, 303,515-square-foot Class A office building at 600 Lexington Ave. was acquired by SL Green as part of a joint venture in 2010. The company then took full ownership of the property in December 2015.<\/p>\n","protected":false},"author":746,"featured_media":1004197769,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1600,21742,10,21747],"tags":[32789,32779,32895],"class_list":["post-1004197760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-new-york","category-latest","category-northeast","category-office","tag-cbre","tag-leed","tag-sl-green-realty-corporation"],"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 Sells $305M NYC Office Asset - 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-305m-nyc-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SL Green Sells $305M NYC Office Asset\" \/>\n<meta property=\"og:description\" content=\"The 36-story, 303,515-square-foot Class A office building at 600 Lexington Ave. was acquired by SL Green as part of a joint venture in 2010. The company then took full ownership of the property in December 2015.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-305m-nyc-office-asset\/\" \/>\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=\"2017-11-21T14:24:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:41:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/600-Lexington-Avenue.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"IvyLee Rosario\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-305m-nyc-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-305m-nyc-office-asset\/\",\"name\":\"SL Green Sells $305M NYC Office Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-305m-nyc-office-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-305m-nyc-office-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/600-Lexington-Avenue.jpg\",\"datePublished\":\"2017-11-21T14:24:02+00:00\",\"dateModified\":\"2022-12-09T02:41:48+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f2094ece0e063845f848c7f1c7b84780\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-305m-nyc-office-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-305m-nyc-office-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-305m-nyc-office-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/600-Lexington-Avenue.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/600-Lexington-Avenue.jpg\",\"width\":800,\"height\":620,\"caption\":\"600 Lexington Ave., Manhattan\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-305m-nyc-office-asset\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"SL Green Sells $305M NYC Office Asset\"}]},{\"@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\/f2094ece0e063845f848c7f1c7b84780\",\"name\":\"IvyLee Rosario\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67\",\"caption\":\"IvyLee Rosario\"},\"description\":\"IvyLee Rosario is a Senior Associate Editor for Commercial Property Executive and Multi-Housing News. 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