SL Green Realty Corp. sells Manhattan office for $952m

SL Green Realty Corp. has entered into a contract to sell 410 Tenth Avenue, the 636,000-square-foot Manhattan office redevelopment anchored by Amazon and First Republic Bank, for gross consideration of $952.5 million.

SL Green currently owns 70.9 percent of the venture. As part of the sale, the venture is retaining a 5 percent interest through completion of the property’s redevelopment. The transaction is expected to close during the fourth quarter of 2020.

“The sale of 410 Tenth Avenue is yet another indication of the Manhattan office market’s resiliency and continued global demand for high-quality, trophy assets with credit-rated tenants,” said Brett Herschenfeld, managing director of SL Green. “This transaction is a perfect example of what SL Green has demonstrated successfully so many times — acquiring an undervalued asset in an off-market manner through our deep market relationships, creatively redeveloping it to class A standards, and re-leasing the p