Deals aren’t done in a day
SL Green Realty has entered into contract to acquire a majority stake at the Kaufman Organization’s 460 West 34th Street. The deal values the Hudson Yards office building at $440 million, according to the WSJ.
Worth Waiting: SL Green knows the property well… The REIT first invested in the 21-story office building when it provided the Kaufman Organization with a loan to help buy out its partners in 2014.
Dig Deeper: The property spans 723,975 SF, and is located along 10th Avenue between 33rd and 34th Streets. After taking earlier structured investments into account, SL Green’s blended average basis will be $528 per SF. The firm plans to upgrade and renovate the 91-year-old building.