11/12/2007

Cushman & Wakefield handles sale of 440 Ninth Ave. in Manhattan

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440 Ninth Avenue

SL Green Realty Corp. announced the sale of 440 Ninth Avenue in Midtown Manhattan to a joint venture between the Paramount Group and Sherwood Equities for $160 million, or approximately $472 per square foot.

The New York City office of Cushman & Wakefield represented SL Green in the transaction.

The company acquired the building in 1998 for $31.7 million and invested approximately $24 million in upgrades and renovations. The building was 100 percent occupied at the time of sale with B & H Photo, Duane Reade, Engenderhealth, and Uncle Jack's Steakhouse among its tenants.

Located in the heart of the Penn Station district between 34th and 35th Streets, the tower at 440 Ninth Avenue rises 18 stories and spans 339,000 square feet.

SL Green Realty Corp. is a publicly traded owner and operator of premier office properties, primarily in New York City. The city's largest commercial landlord, the company controls approximately 24.5 million square feet of office space.

Paramount Group is a private real estate investment company with interests in Class A office buildings in the Midtown and Financial Districts of Manhattan.

Sherwood Equities is a privately held developer of both commercial and residential properties with interests largely in Manhattan. Notable properties within the company's portfolio are 1 and 2 Times Square and 1600 Broadway.

Address: 440 Ninth Avenue, New York City, N.Y.

Size: 18 stories/339,000 square feet

Built: 1927

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