SL Green Realty Corp. is marketing two Manhattan buildings for sale as demand for the city’s office properties heats up.
The landlord hired brokerage Eastdil Secured to market 110 Greene St., a SoHo office building with a Balenciaga store, and 690 Madison Ave., a property just one block from Central Park that houses jeweler Van Cleef & Arpels, according to marketing materials viewed by Bloomberg.
The portfolio is expected to fetch roughly $300 million, according to a person familiar with the matter, who asked not to be identified citing private information.
“These are two of the most coveted and impenetrable markets in global real estate, and there’s never been a transaction that offers access to both at once,” said Will Silverman, managing director at Eastdil, which is marketing the properties. This year, the brokerage has facilitated about $17 billion of capital markets assignments in the city, including deals that either closed recently or are currently active.
A representative for SL Green didn’t immediately respond to a message seeking comment. Jeff Sutton, who owns a stake in 690 Madison, declined to comment. A spokesperson for Eastdil declined to comment on pricing.
The Manhattan office market has been picking up. In the three months through March, leasing was up 59% from a year earlier, according to CBRE.
Investors also have been seeking to strike deals. Earlier this year, Amazon purchased an office tower on Fifth Avenue near the Lord & Taylor Building, which it also owns, and RXR agreed to buy the office building at 590 Madison Ave. for nearly $1.1 billion.
The 13-story property at 110 Greene St. sits between Prince and Spring streets. Tenants at the 295,000-square-foot building include Avoro Capital.
SL Green took control of 690 Madison Ave. through a foreclosure in 2021 and sold a stake to Jeff Sutton last year.
