SL Green Agrees to Sell 43% Stake in 1515 Broadway in Manhattan to Allianz
SL Green Realty Corp. has agreed to sell a 43% stake in a Times Square office tower to Allianz Real Estate in a deal that values the 1.86 million square foot tower at $1.95 billion, the companies said.
The real-estate investment division of Allianz Group, of Germany, is purchasing the stake in 1515 Broadway, home to the headquarters of media giant Viacom Inc. as well as the Minskoff Theater on the ground level.
SL Green, New York's largest office landlord, will realize cash proceeds of about $416 million, which it will use "for other investment opportunities going forward," according to Isaac Zion, the real-estate investment trust's co-chief investment officer.
SL Green purchased its initial stake in 1515 Broadway in 2002 in a deal that valued the tower at $480 million. In 2011, the company purchase the remainder of the property in a deal that valued it at $1.21 billion.
In 2012, after SL Green overhauled the property, Viacom signed a long-term lease renewal for the office space through 2031. The building is now 98% leased, according to SL Green.
Write to Peter Grant at peter.grant@wsj.com
(END) Dow Jones Newswires
November 14, 2017 15:06 ET (20:06 GMT)