NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has agreed to sell 600 Lexington Ave. in Midtown Manhattan for $305 million. The 36-story, 303,515-square-foot office building is located on the corner of 52nd Street and Lexington Avenue in the heart of the Plaza District.
The property is 99 percent leased to tenants such as MKP Management, Element Capital Management and Hawkins Parnell Thackston & Young.
The sale is expected to close by the first quarter of 2018, and generate net cash proceeds of approximately $292 million, according to a news release. Darcy Stacom of CBRE represented SL Green in the transaction. The buyer was not disclosed.
SL Green acquired 600 Lexington Ave. through a joint venture in May 2010 for $193 million, and took full ownership of the property in December 2015.
SL Green is a fully integrated real estate investment trust, focused on acquiring and managing retail and office properties in Manhattan. The company’s stock price closed on Thursday, Nov. 16 at $100.81 per share, down from $104.49 per share one year ago.
— Kristin Hiller