Hodges Ward Elliott Finalizes Sale of SL Green Stake in Tower 46

HWE sells REIT's partial interest in the Class-A office building located at 55 West 46th Street

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Mar 12, 2021, 08:41 ET

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.

About Hodges Ward Elliott:

Hodges Ward Elliott ("HWE") is the premier boutique real estate capital markets advisor, empowered to deliver exceptional results across a broad spectrum of business lines and product types. HWE's multi-disciplined platform includes commercial, hotel and debt capital markets teams, with offices in Atlanta, Chicago, Dallas, Los Angeles, New York, Miami, Washington D.C., and London. As a privately held company, HWE is dedicated to cultivating long-term client relationships and takes pride in the reputation and track record established over its 46-year history. HWE has closed over $70 billion of transactions, including $29 billion since 2015. For more information, please visit https://hodgeswardelliott.com/

Contact: Great Ink – 908-392-0333, Tom Nolan ([email protected])

SOURCE Hodges Ward Elliott