SL Green sell-off to include 2 Madison Ave. buildings.Having just dealt One Madison Avenue's clock tower to Ian Schrager Ian Schrager is a hotelier and real-estate developer. Schrager began his career as a nightclub owner. In 1977 he partnered with Steve Rubell, his fraternity brother from Syracuse University, in launching the New York City discothèque Studio 54. and Aby Rosen Aby Rosen is a real estate tycoon living in New York. He was born in Frankfurt, Germany in 1960. As the son of Jewish holocaust survivors, he grew up in a traditional Jewish community and environment in Frankfurt. , SL Green will be selling off two more Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. buildings in its portfolio. A source wouldn't specify exactly which two of the REIT's six Madison Avenue properties would be traded, but described them as "smaller buildings," a hint that, while vague, makes 286 and 290 Madison Avenue possible candidates. SL Green in recent years has been steadily shedding some of its class B assets that are light on amenities for higher quality office buildings. "It's part of their ongoing strategy to recycle re·cy·cle tr.v. re·cy·cled, re·cy·cling, re·cy·cles 1. To put or pass through a cycle again, as for further treatment. 2. To start a different cycle in. 3. a. capital," the source said. In a deal across the river, SL Green is unloading Unloading Selling securities or commodities whose prices are dropping to minimize loss. a portfolio of 21 New Jersey office properties it owns in partnership with The Gale Company. Totaling roughly 3 million s/f, the group of buildings is spread throughout the state in such major cities as Princeton, Roseland, Parsippany, and Lyndhurst and could fetch north of $500 million. Bidding for the portfolio has reached the final round. Concurrent with the NJ sale, SL Green is also disposing of another office portfolio--this one totaling 1 million s/f--it owns with The Gale Company in Troy, Michigan Troy is a city in Oakland County of the U.S. state of Michigan. It is a suburb of Detroit. As of the 2000 census, the city had a total population of 80,959, the 12th largest city in Michigan by population. for an estimated $120 million. While a buyer hasn't been named publicly, the bidding for the group of properties is said to have just concluded. Broker Doug Harmon of Eastdil handled the sale of the NJ and MI portfolio trades. Harmon could not be reached for comment and SL Green and The Gale Company did not return calls by press time. |
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