And we have a winner! SL Green is in contract to purchase a hotly sought-after office building on the West Side for $184 million, a source said.
SL Green's newest coup, the Smith Barney Building at 333 West 34th Street, was acquired in a bidding war that pushed the contract near $600 per square foot--a staggeringly high price for a 54-year-old building in an area not exactly known for its plush office space.
It's a big week for Stephen Green and C.E.O. Marc Holliday. After the market closes on Monday, SL Green will announce its first-quarter market earnings to shareholders--and will also tell them about this very recent building buy.
The Observer will have plenty more on this building sale, SL Green, and other big sales and leases in its print edition this coming Wednesday.
UPDATE: A spokesman for SL Green pointed us to a press release that says 333 West 34th Street is in contract for about $530 per square foot, which is a bit off from “near[ly] $600 per square foot” The Observer reported on Monday.
As these things normally go, it has to do with the perpetually fuzzy area of square feet. The Observer used CoStar for square feet, as it always does. CoStar listed the building at 309,747 square feet. That would mean 333 West 34th Street would have sold for about $595 per square foot, or close to $600 per square foot. SL Green lists the building at 345,400 feet.
We’re sure SL Green has been in the building more recently, so we’re happy to defer to them. But it’s worth noting the reasons for the distinction.
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