LONG ISLAND CITY, N.Y. — SL Green Realty and JP Morgan Chase & Co. have sold One Court Square, a 50-story office tower in Long Island City, for $481 million, or approximately $343 per square foot. The buyer is a private investor group headed by David Werner.
The 1.4 million-square-foot office building, which was designed by Skidmore Owings Merrill, opened in 1990. At 50 stories tall, it's the tallest building on Long Island.
Citibank has fully leased the property through 2020.
SL Green, a 30 percent owner in the joint venture, received approximately $44 million of net proceeds from the sale. SL Green, the city's largest owner of commercial office space, acquired a stake in the office building when it purchased the real estate investment trust Reckson Associates Realty Corp. in 2006.
With the sale, SL Green's share of annualized cash from Citibank is reduced from 7.5 percent to 6.4 percent.
Douglas Harmon and Adam Spies of Eastdil Secured represented SL Green in the sale.
— Liz Burlingame