SL Green Realty Corp., the largest office landlord in Manhattan, has entered into a contract to sell 625 Madison Avenue for $632.5 million to a global real estate investor. The property, located between 58th and 59th Street in the Plaza District, spans 563,000 square feet across 17 stories with ground-floor retail space. This deal values the property at $1,123 per square foot and includes a preferred equity investment of $234.5 million from SL Green and its partners.
According to Brett Herschenfeld, Executive Vice President of Retail and Opportunistic Investments at SL Green: “This transaction further solidifies that prime office real estate in New York City remains one of the most desirable asset classes worldwide.” The sale proceeds will be used towards paying off corporate debt.
In addition to this sale announcement, SL Green recently capitalized on another prime New York City property -245 Park- highlighting their continued success in well-located office real estate investments.
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