NEW YORK--(BUSINESS WIRE)--SL Green Realty Corp. (NYSE: SLG) and Jeff Sutton today announced that their joint venture has entered into a 70-year leasehold at New York City’s 1560 Broadway, after previously acquiring the fee interest in the adjacent building at 1552 Broadway for $136.55 million.
The transactions enable the joint venture to assemble up to 48,897 square feet of space with direct Times Square frontage - space that the joint venture intends to combine, upgrade and reposition as prime retail space in the nation’s most famous commercial hub.
The result of the repositioning will be the largest and most visible retail availability in Times Square, an area with more than 40 million visitors per year. A key feature being marketed to selected retailers will be 190 linear feet of ground-level frontage, facing Times Square on Broadway and wrapping around onto 46th Street. 1552 Broadway also includes premium signage blanketing the façade and rooftop.
These transactions are the latest in a series of significant transactions jointly executed by SL Green, best known as New York City’s largest commercial office property owner, and preeminent retail investor/operator Jeff Sutton. Previous collaborations have included the American Eagle and Aeropostale flagships in Times Square, and the Armani and Dolce & Gabbana stores at 717 Fifth, among others.
Andrew Mathias, President of SL Green, commented, “We have enjoyed notable success in our retail joint ventures with Jeff Sutton and believe this transaction has the potential to deliver positive investment results once again. The strategic combination of 1552 Broadway and 1560 Broadway will expand the square footage of a unique Times Square site in a way that dramatically increases the value and visibility of the space for both the retailer and landlord.”
About SL Green:
SL Green Realty Corp., New York City's largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2011, SL Green owned interests in 57 Manhattan properties totaling more than 33.6 million square feet. This included ownership interests in 25.8 million square feet of commercial properties and debt and preferred equity investments secured by 7.6 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests and debt and preferred equity interests in 32 suburban assets totaling 7.3 million square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey, along with four development properties in the suburbs encompassing approximately 465,000 square feet.
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