SL Green Realty Corp. has its ownership interest in 707 Eleventh Avenue for a gross sale price of $95 million to a domestic buyer.
SL Green purchased the 160,000 s/f, loft-style building (pictured top) in January of 2020 for $90 million.
According to the Commercial Observer, the buyer is a joint venture of the Georgetown Company and Beacon Capital Partners.
Earlier this year, Georgetown, a leading developer and owner of commercial, retail and mixed-use properties nationwide, announced it was creating a life science hub at 787 11th Avenue. This new state-of-the-art research facility is anchored by Mount Sinai’s Icahn School of Medicine, which will occupy three floors in the building. Georgetown acquired 787 11th Avenue in 2015 in partnership with Bill Ackman, founder and CEO of Pershing Square Capital Management, and other notable investors including Arnold Schwarzenegger, LeBron James and Jimmy Iovine. Architect Rafael Viñoly redesigned the building, which features floor-to-ceiling windows and a 12,000 s/f rooftop amenity.
The sale of 707 Eleventh Avenue is expected to close in the first quarter of 2022. SL Green will use proceeds from the sale for the repayment of corporate debt.
“The sale of 707 Eleventh Avenue demonstrates investor demand for quality, value-add investment opportunities in New York City,” said Harrison Sitomer, Senior Vice President of SL Green.
A team led by Andrew Scandalios at JLL represented SL Green in the transaction.