SL Green Realty Corp., an S&P 500 company and a fully integrated real estate investment trust(REIT), has agreed to sell 315 West 33rd Street, the mixed-use building on Manhattan’s West Side and better known as The Olivia, and an adjacent undeveloped parcel of land for a gross valuation of $446.5 million, or approximately $906 square foot, to an affiliate of Brookfield Asset Management.
“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. The transaction also serves to demonstrate the continued strong demand for high quality Manhattan assets,” said David Schonbraun, Co-Chief Investment Officer.
The transaction is expected to close in the second quarter of 2020, subject to customary closing conditions.
SL Green acquired the 36-story, 492,987-square-foot building in 2013. Situated across the street from Madison Square Garden, the residential and commercial tower was constructed in 2000 in the heart of New York’s rapidly transforming west side.
The mixed-use property includes 333 residential units with occupancy over 96 percent and 270,132 square feet of commercial space, which is 100 percent occupied. Commercial tenants include AMC Theater, Music Choice and Landmark Education.
Darcy Stacom of CBRE represented SL Green in this transaction.