May 11, 2018
SL Green Realty Corp. was reportedly the successful bidder for the leasehold interest at 2 Herald Square (pictured) in a foreclosure sale. The REIT had sold its stake in the 369,000-square-foot office building in 2014, and acquired notes receivable secured by the property a year ago.
Terms were not disclosed. SL Green has also reached an agreement to joint venture 2 Herald Square with an Israeli-based institutional investor after closing on the acquisition. Along with housing a flagship Victoria’s Secret store, the property houses more than 120,000 square feet of WeWork space.
At the same time as SL Green announced an acquisition, it also reported a sale. It will sell the fee simple interest at 635 Madison Ave. for $151 million; the buyer was not disclosed. Adam Spies and Doug Harmon of Cushman & Wakefield represented SL Green in the transaction.
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