SL Green Realty Corp., New York City's largest office landlord, announced this week that it had agreed to sell three of its Manhattan assets in separate deals that will generate net cash proceeds of $240 million. In the first deal, SL Green is selling ts leased fee interest in 2 Herald Square, an 11-story 365,000 square foot commercial office building, for $365 million. In the second, SL Green, with its partner Jeff Sutton, reached an agreement to sell all of their interests in a mixed-use asset at 180 Broadway for $222.5 million. Finally, SL Green also closed on the sale of its development properties at 985–987 Third Avenue for $68.7 million.
"While the strategic approach for each of these investments varied, we had one goal in mind: creating shareholder value. I am very pleased to say that with each of these transactions, we've successfully demonstrated our ability to identify, create, and harvest significant value. Our combined IRR across these three deals is in excess of 21%," said Andrew Mathias, President of SL Green, in a company statement.
In its announcement, SL Green Realty did not identify the prospective buyers in any of the transactions.
For more news and information visit Blumberg Capital Partners.
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