Brookfield Premier Real Estate Partners has acquired 315 West 33rd Street and an adjacent undeveloped parcel of land from SL Green for $446.5 million. The mixed-use building (AKA “The Olivia”) spans 492,987 square feet, and contains 333 residential units, plus a large commercial component (270,132 SF) .
- Worth Noting: Commercial tenants include: AMC Theater, Music Choice, and Landmark Education. The space is 100 percent occupied.
- Heard on the Street: SL Green’s David Schonbraun said in a press release: “This sale is another example of SL Green’s commitment to strategically divest of non-core assets and accretively redeploy the capital into our ongoing share repurchase program.”
- Flashback: SL Green paid $387 million for the asset in 2013. The property benefits from its close proximity to Penn Station and Madison Square Garden.