The largest office boss of Manhattan, SLE GREEN REALLY, has agreed to acquire two new properties in a $ 160 million deal. The transaction for 346 Madison Ave. And the adjacent 11 E. 44th St. is expected to close in the fourth quarter of 2025. The seller was advised by JLL’s Drew Isaacson and David Giancola.
The commercial building on 346 Madison Ave. Is 11 floors long and comprises approximately 140,000 square feet, while on 11 E. 44th St. 18 floors and about 111,000 square feet. SLE GREEN noted that the combined properties had the potential for a new project of around 800,000 square feet as the immediate result of the recent re -use in Midtown East.
“These assets are located in an exceptional location just a stone’s throw from one Vanderbilt,” said Harrison Sitomer, Chief Investment Officer at SL Green. “While we give priority to good opportunities in our core submarkets, these properties offer us the opportunity to pursue a new, new office development of world class in the heart of the strongest office market in the country. We look forward to taking advantage of this unique investment to unlock its long -term value.”
The building at 346 Madison Ave. is an iconic site, which has been the flagship store for Brooks Brothers since 1915. While the company Went bankrupt in 2020The former owner, the Italian billionaire Claudio del Vecchio, still has the property after the purchase of the $ 109 million in 2019. The site was first put on the market in 2021 with new ramps with a proposed tower dubbed 44+madison.
The Brooks Brothers Deal would mark the first major construction project of SL Green, because it had completed an extension of 1.4 million square feet in the Metropolitan Life Building in One Madison Ave. In 2023. That project, which has added more than 500,000 square feet new office space, secured large lease contracts from Franklin Templeton (350,000 square feet) and IBM (330,000 square foot).
The acquisition of 346 Madison Ave. is the latest controversial office space in Manhattan, addition to the portfolio of SLE GREEN, who also buildings such as 1 Madison Ave. and 100 Church St. includes. This is while the company continues to follow to follow other large companies, including the efforts to build a casino on Times Square.
About the author / Diana Sabau
With years of intense research into the American commercial real estate market on Yardi Matrix, Diana is currently putting her experience to use by writing for various Yardi blogs. She covers cre -investments, trends in the labor market and technology. Her work can be seen in the New York Times, Globest, The Real Deal, Naiop, MSN and Bisnow.
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