SL Green Realty and joint venture partner, The Moinian Group, have agreed to sell 180 Maiden Lane in Downtown Manhattan for $470 million. The buyer is a venture led by Murray Hill Properties and Clarion Partners. The sale is expected to close during the fourth quarter of 2014.
SL Green and The Moinian Group formed the joint venture to recapitalize and refinance 180 Maiden Lane in November, 2011. Along with taking a 49.9% ownership position in the joint venture, SL Green assumed management and leasing responsibilities.
SL Green Co-Chief Investment Officer Isaac Zion said in a statement, “We are very pleased with the outcome of our investment in 180 Maiden Lane. It represents the most recent example of what we believe is our unsurpassed ability to find intrinsic value in an asset and to generate significant returns for our shareholders, as evidenced by our internal rate of return on the investment of approximately 16%. The monetization of our equity in this transaction will allow us to redeploy capital into other value-creating opportunities.”