10/23/2007

CBRE negotiates sale of Manhattan highrise for SL Green Realty

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470 Park Avenue South

SL Green Realty Corp. is selling a Manhattan office tower at 470 Park Avenue South for $157 million - $604 per square foot - to an undisclosed institutional buyer.

SL Green, who acquired the property in 1997, was represented by CB Richard Ellis in the transaction.

The building is located between 31st and 32nd Streets in Midtown Manhattan. It contains 260,000 square feet of office space in its 17 stories and was 96 percent leased at the time of sale. Tenants include communications firm Burns McClellan, Foreign Policy Association and Bank of America.

SL Green Realty Corp. owns and operates 31 premier office buildings in New York City totaling more than 22 million square feet. The real estate investment trust went public in 1997 and trades on the New York Stock Exchange under the ticker symbol SLG.

Address: 468-470 Park Ave. South, New York City, N.Y.

Size: 17 stories/260,000 square feet

Built: 1912

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Filed Under: Office

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