SL Green sells SoHo property for $226 million

• SL Green agreed to sell its 110 Greene Street office property in SoHo to Natora Group for $226 million.
• The transaction is expected to generate about $216 million in net cash proceeds for SL Green.
• SL Green plans to use the proceeds to repay unsecured corporate debt, with closing expected in the fourth quarter.

SL Green (NYSE:SLG) agreed to sell its 110 Greene Street office property in Manhattan’s SoHo neighborhood to Natora Group for $226 million.

The transaction is expected to generate approximately $216 million in net cash proceeds, with closing scheduled for the fourth quarter subject to customary conditions.

SL Green said the property is fully leased at what the company describes as market-leading rents.

The 13-story Class A office property spans approximately 223,000 square feet at 110 Greene Street in SoHo.

SL Green stated that it plans to use the approximately $216 million of expected net proceeds to repay unsecured corporate debt following completion of the transaction.

The sale reduces SL Green’s ownership of Manhattan office real estate while directing additional capital toward lowering its corporate debt.

SL Green is a real estate investment trust focused primarily on acquiring, managing, and developing commercial properties in Manhattan.