NEW YORK, March 12, 2021 /PRNewswire/ — Hodges Ward Elliott (“HWE”) has arranged the sale of SL Green’s 25% interest in its commercial condominium units located at 55 West 46th Street, also known as Tower 46. A Brookfield Asset Management real estate fund is the purchaser at a gross valuation of $275 million. Tower 46 is a Class-A office property in Midtown Manhattan. The interest sold totals approximately 320,000 rentable square feet, as well as parking and amenity space.
An HWE team composed of Managing Directors Paul Gillen, Anthony Ledesma, and Daniel Parker, and Kyle van Buitenen, Senior Vice President, represented SL Green in the transaction.
“It was great working with both SL Green and Brookfield,” noted Gillen. “Despite Covid-related challenges, we were able to run a thorough process which resulted in a sale with a strong buyer and price. It is clear there remains an abundance of liquidity for quality New York City office product.”
SL Green first acquired the commercial condominium units at Tower 46, consisting of office floors 2, 22-34, a retail store on 46th street and the building’s parking garage and fitness center, in 2014. The well-located Tower 46 is considered one of the preeminent newly constructed office towers in Midtown Manhattan and within walking distance of Grand Central Terminal, Rockefeller Center, and Bryant Park.
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