October 18, 2019
SL Green Realty Corp. has agreed to purchase 603 W. 50th St., a 160,000-square-foot loft office property in Midtown that houses Kenneth Cole Productions, for an undisclosed sum. KCP Holdco Inc., an affiliate of the seller, which currently occupies the 1940-vintage property, will lease back approximately 40,000 square feet for its headquarters.
The sale is expected to close within the next 90 days. Upon closing, the REIT will undertake a full-building repositioning to elevate the property’s profile.
“603 W. 50th represents another opportunity for us to do what we do best – reposition an asset and create value through effective capital improvements and a targeted leasing strategy,” said SL Green SVP Harrison Sitomer. “With strategic capital investment, we will transform an underdeveloped property into a competitive Class A building that will attract companies across industries, particularly businesses in the creative industries.”
Savills’ Woody Heller and David Heller advised the seller.
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