May 5, 2020
SL Green Realty Corp. has entered into a contract to sell its recently repositioned 609 Fifth Avenue retail condominium for $168 million to an affiliate of the Reuben Brothers. The transaction is scheduled to close by June 30.
“The sale of the 609 Fifth Avenue retail condominium is indicative of our ability to drive value even during uncertain market conditions,” said Brett Herschenfeld, managing director of SL Green. “We will continue to look for opportunities that bring value to our shareholders as we strategically transact in the current economic climate.”
Starting in 2018, SL Green began repositioning 609 Fifth. After vacating the previous tenants in the office condo, the REIT signed two retail tenants: a 15-year, 24,000 square-foot flagship lease with sports apparel brand PUMA; and a 10-year, 5,000 square-foot lease with luxury apparel brand Vince.
CBRE’s Darcy Stacom, Doug Middleton and David Fowler represented SL Green in the transaction.
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