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Real Estate Roundup 8.3.20

Real Estate Roundup:

New to the market 

  • SL Green is looking to sell its office property at 410 Tenth Avenue. The REIT acquired a majority interest in the 640,000-square-foot building in 2018, valuing the property at about $440 million. Amazon leases over half of the building’s space. (BI)
  • Three prime retail buildings located between East 69th and 70th streets at 831, 835 and 837 Madison Avenue are hitting the market. The properties span a total of 34,000 square feet – one is vacant, the other is occupied by luxury-clothing retailer Akris, and the third by Anne Fontaine, a women’s clothing line. (WSJ)

Leasing 

  • Two months after ditching a large WeWork office, IBM is seeking between 450,000 and 500,000 square feet to consolidate its Manhattan locations. The blue-chip tech giant has narrowed its search down to about six buildings — including SL Green’s One Madison Avenue. (BI)

Tech 

  • Porch has entered a definitive agreement to merge with PropTech Acquisition Corp., a special acquisition company, or SPAC, formed last year by Thomas Hennessey and Joseph Beck. The company provides software to insurance and moving companies in exchange for access to home-buyer clients. It then sells additional home services, such as contractor services and TV and internet, to those clients. The deal values Porch at $523 million and will result in it becoming a publicly listed company. (Bloomberg)

Other news 

  • Steve Roth and Stephen Ross were visited by around 200 demonstrators at their Hamptons estates Thursday. The protesters demanded Gov. Andrew Cuomo raise taxes on the East End’s ultra-wealthy inhabitants — and others across the state — instead of cutting services to close the state’s enormous budget deficit. (BI)

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