SL Green Sells Fifth Avenue Office Condo for $100M
Two years after selling the retail portion of 609 Fifth Avenue, SL Green is doing the same with the property’s office condominium.
The office landlord on Monday announced the sale of the vacant condo for $100.5 million. SL Green didn’t disclose the buyer, only referring to them as a “domestic investor.”
The purchase hasn’t closed yet, but the landlord said it was expected to later this month.
SL Green repositioned the building at the corner of Fifth Avenue and 49th Street in recent years, adding elevators and relocating the building’s lobby.
In May 2020, London-based billionaires David and Simon Reuben closed on the purchase of the building’s retail condo from SL Green for $168 million. At the time of sale, the condo was leased to Puma and the office landlord was still reportedly looking to sell the entire 13-story building.
WeWork leased the entire 139,000-square-foot office condo in 2018, planning to begin its occupancy in November of that year. Asking rent for the space was reportedly $85 per square foot.
The co-working giant didn’t last long at the property. Last year, the two sides agreed to terminate the lease due to the pandemic, according to Crain’s. SL Green scored an $11.4 million settlement from WeWork for the balance of the lease.
The building was previously owned by Jeff Sutton’s Wharton Properties until 2003. When SL Green took ownership, it split the 168,000-square-foot property into the two separate condos.
SL Green has sold several properties in recent months to pay off debts and reinvest. In December, it sold a Midtown office condominium at 110 East 42nd Street to Meadow Partners for $117 million. Prior to that, SL Green reportedly sold the office building at 590 Fifth Avenue for $103 million to the Hematian family.