SL Green sells 49% interest in 220 East 42nd Street
SL Green Realty Corp. has sold a 49 percent interest in 220 East 42nd Street to a real estate fund managed by Meritz Alternative Investment Management for gross consideration of $790.1 million. SL Green retained a 51 percent interest in the property and will continue to oversee management and leasing of the building. The transaction generated net-cash proceeds to SL Green of $136.1 million.
“This transaction demonstrates the continued global demand for core New York City office properties, particularly those that are well leased on a long-term basis to credit tenants,” said Harrison Sitomer, senior vice president of SL Green. “With the new joint venture, 220 East 42nd Street will continue to provide SL Green shareholders with steady contractual cash flow. We are thrilled to be partnering again with Meritz on this historic asset.”
“We maintain a firm belief in the success of the New York City market. As such, this is our fourth transaction with SL Green and