SL Green Realty Sells 635-641 Sixth Avenue Office Building In Midtown South For $325M To Spear Street Capital
SOLD
$325,000,000
New York
See Similar DealsOffice267,000 SF
Sold 05/19/2021
SOLD
SL Green Realty Sells 635-641 Sixth Avenue Office Building In Midtown South For $325M To Spear Street Capital
635-641 6th Avenue, New York, NY, USA
See Similar DealsOffice267,000 SF
Sold 05/19/2021
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$1,217
Total Square Footage:267,000 SF
Transaction Type:Sale
The office property at 635-641 Sixth Avenue in Midtown South has been sold in a recent transaction. The anchor tenant of the building is Infor, occupying 94% of the office space. The sale was facilitated by brokers Darcy Stacom, William Shanahan, and Doug Middleton from BRE on behalf of the seller, SL Green Realty, and was completed in May 2021.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $325,000,000
- Square Footage: 267,000
- Price per Square Foot: $1,217
- Address: 635-641 Sixth Avenue
- Market: Midtown South
- Seller: SL Green Realty
- Buyer: Spear Street Capital
- Seller's Representative: Darcy Stacom, William Shanahan, and Doug Middleton from BRE
The transaction involved the sale of the property at 635-641 Sixth Avenue for a price of $325 million. This represents an increase from the previous sale price of $173 million in 2012. The sale is expected to generate approximately $312.5 million in net cash proceeds for SL Green Realty.
Players
BUYER
SELLER
Details
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Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
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Debt Service Coverage Ratio (DSCR)
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Annual Debt Service$18,487,989.69
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