February 19, 2020
SL Green Realty Corp. entered into contract to sell 315 W. 33rd St. and an adjacent undeveloped parcel for $446.5 million 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 non-core assets and accretively redeploy the capital into our ongoing share repurchase program,” said David Schonbraun, co-CIO at SL Green. “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 Midtown South building, also known as “The Olivia,” in 2013. The mixed-use property includes 333 residential units with occupancy over 96% and 270,132 square feet of commercial space, which is 100% occupied. Commercial tenants include AMC Theatres, Music Choice and Landmark Education.
CBRE’s Darcy Stacom represented SL Green in this transaction.
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