SL Green sells Manhattan office for $447m

SL Green Realty Corp. has entered into contract to sell 315 W. 33rd Street and an adjacent undeveloped parcel of land for a gross valuation of $446.5 million, or approximately $906 per square foot, to an affiliate of Brookfield Asset Management. The transaction is expected to close in the second quarter of 2020, subject to customary closing conditions.

“This sale is another example of SL Green’s commitment to strategically divest of noncore assets and accretively redeploy the capital into our ongoing share repurchase program,” said David Schonbraun, co-CIO. “The transaction also serves to demonstrate the continued strong demand for high-quality Manhattan assets.”

SL Green acquired the 36-story, 492,987-square-foot building, also known as “The Olivia”, in 2013. The mixed-use property includes 333 residential units with occupancy over 96 percent and 270,132 square feet of commercial space, which is 100 percent occupied. Commercial tenants i