1515 Broadway deal cinched
Green Realty is finally unloading a 43 percent stake in 1515 Broadway — and not to the Chinese buyer fingered previously.
Allianz SE, the Munich, Germany, insurance giant, has signed a deal that values the 57story tower at $1.95 billion, including debt, the companies said Tuesday The deal should close by Dec. 31.
Media giant Viacom has its headquarters in the 1.86-million-square-foot building, located in the heart of Times Square between West 44th and 45th streets.
In late June, Real Estate Alert reported that China Investment Corp. was paying SL Green $555 million in cash for a 49 percent stake in the building at $1,142 per square foot, but SL Green denied it inked the deal.
The Chinese government has slowed foreign investments, allowing Allianz to swoop in. It signed a deal last week for equity of $460 million, or $1,045 per square foot, sources said.
SL Green is a real estate investment trust (REIT) and according to securities filings, the building has debt of $877 milllion at 3.93 percent due in 2025, bringing the total value of the deal to $1.95 billion.
The building hosts Viacom’s MTV Studios, the Minskoff Theatre (home of “The Lion King”), the PlayStation Theater and a 400-car garage.
Oakley, Skechers and Line Friends stores are tenants.
More signage may be on tap to add value to the building.
Last year, Allianz recapitalized One Battery Park Plaza with Rudin Management.
It also paid $420 million for a 44 percent stake in 10 Hudson Yards. Allianz Real Estate America CEO Christoph Donner said that deal reflected the “goal of our US team to pursue high-quality, long-term investments with best-in-class partners.” The Hudson Yards recapitalization was marketed by Douglas Harmon, Adam Spies and Joshua King of Cushman & Wakefield, who are also handling the 1515 Broadway transaction for SL Green, along with Isaac Zion in-house. Gary Phillips is head of acquisition for Allianz in New York.
A 95 percent interest in 80 Broad St. is being sold to Atlanta-based Invesco.
Set to close by year-end, the recapitalization by the global investor will revalue the 425,000-square-foot building at $235 million, or $550 per square foot, one of the highest prices achieved for Downtown B-class offices.
The seller, Broad Street Development, led by Raymond
Chalmé and Daniel Blanco, will retain a 5 percent stake and continue to manage and lease the 36-story Art Deco tower.
The deal was marketed by Douglas Harmon, Adam Spies and Cushman & Wakefield.’s King
Built in the 1930s as the Maritime Exchange, 80 Broad has a seafaring history reflected in such architectural details as sea horses on elevator doors.
Spokesmen for both C&W and BSD declined to comment, and Invesco did not return a request for comment.
Dwight Capital is moving and expanding to 20,000 square feet at 787 Eleventh Ave. between West 54th and 55th streets.
The lender will have a portion of the 10th floor overlooking the Hudson River. The former industrial building owned by the Georgetown Company is undergoing a complete renovation. It will also become the headquarters for Bill Ack- man’s Pershing Square Capital Management.
Dwight is expanding and moving from 5,846 square feet on the 30th floor of Boston Properties’ 250 W. 55th St., where it moved in 2015. Dwight was represented by Savills Studley’s Daniel Posy, who will sublease its current spot.
The Georgetown Company was represented by Mary Ann Tighe, Evan Haskell, Arkady Smolyansky, Ben Joseph and Ross Zimbalist of CBRE. The asking rent was $85 per square foot. Georgetown CEO
Adam Flatto said, “There are few buildings with floor plates over one acre that also have light and air, and this is another example of tenants moving to the far West Side.”
Levi’s will be moving to a new location in Times Square.
The company confirmed its duplex store will have 17,000 square feet at 1535 Broadway between West 45th and 46th streets. It is expected to open at the end of 2018.
Consumers now expect a one-of-a kind shopping experience, and Levi’s plans to provide that through details like the personalization of its products, a spokeswoman told The Post.
Levi’s is currently located on the southwest corner of West 44th Street in the base of 1501 Broadway. Laura Pomerantz of Cushman m & Wakefield represented Levi’s and declined to comment. The building is owned by Vornado Realty Trust, which revealed the deal in an investor presentation. Vornado has already signed Sephora, Laline and TMobile to the 1535 Broadway location, which is fronted by a giant LED screen.