Long Island City's One Court Square Trades for $481M

SL Green Realty Corp. announced this week that One Court Square in Long Island City, NY was sold for approximately $481 million. SL Green took control of the property in a joint venture with JPMorgan when it acquired the real estate investment trust Reckson in 2006. The transaction included the assumption by the purchaser, an unnamed private investor group, of $315 million of existing debt.

The tower was marketed by brokers Douglas Harmon and Adam Spies of Eastdil Secured. The price works out to a hair more than $350 a foot for the 1.4-million-square foot building that is triple-net leased back to Citibank through 2020, but will need a new mortgage in 2015, according to a New York Post article. CoStar Group reports that the 52-story, 1.49 million-square-foot, Class A marquee office building was designed by Skidmore Owings & Merrill and built in 1985 on 1.9 acres, towering above the Northwest Queens County submarket of Long Island.

For more news and information visit Blumberg Capital Partners.

SL Green Sells One Court Square for $476M

SL Green Realty Corp. announced this month that it and its joint venture partner reached an agreement to sell One Court Square in Long Island city for $476 million, or roughly $340 per square foot, to a consortium of private investors. According to SL Green, which expects to realize $42.8 million in net proceeds from the sale, the transaction includes $315 million of existing debt to be assumed by the purchaser.

The 50 story skyscraper is fully leased to Citigroup Inc. and was originally acquired in part by SL Green in conjunction with its 2007 acquisition of Reckson Associates Realty Corp. The building was completed in 1989 and designed by Skidmore, Owings & Merrill.

SL Green also recently formed a joint venture with owner Joseph Moinian to refinance debt on the AIG Headquarters in lower Manhattan, purchasing a a 49.9% stake in 180 Maiden Lane according to a Businessweek article.

For more news and information visit Blumberg Capital Partners.