SL Green Realty Corp., a fully integrated real estate investment trust, or REIT, has entered into a contract to purchase 603 West 50th Street in Manhattan, a six-story, 160,000-square-foot office property.
KCP Holdco, Inc., an affiliate of the seller, which currently occupies the office property, will lease-back approximately 40,000-square-feet of office space to serve as its headquarters in Manhattan.
SL Green will undertake a full-building repositioning to elevate the profile of this asset. The transaction is expected to close within the next 90 days, subject to customary closing conditions.
Built in 1940, 603 West 50th Street is located on 11th Avenue, along the entire block frontage between 50th and 51st street.
SL Green plans to execute a comprehensive renovation program, upgrading the building with state-of-the art infrastructure while enhancing the property’s industrial aesthetic.
“603 West 50th represents another opportunity for us to do what we do best – reposition an asset and create value through effective capital improvements and a targeted leasing strategy. With strategic capital investment, we will transform an underdeveloped property into a competitive class-A building that will attract companies across industries, particularly businesses in the creative industries,” said Harrison Sitomer, Senior Vice President of SL Green in a statement.
