NEW YORK—SL Green Realty Corp. and its joint venture partners have closed the on the sale of One Court Square in Long Island City. A privategroup purchased the property for approximately $481 million, or $343 per sq. ft. The transaction included the assumption by the purchaser of $315 million of existing debt.
Douglas Harmon and Adam Spies of Eastdil Secured LLC represented the sellers in the transaction.
SL Green, a 30 percent owner in the joint venture, received approximately $44 million of net proceeds from the sale. The company acquired its stake in the 1.4 million-sq.-ft.building in conjunction with its 2007 acquisition of Reckson Associates Realty Corp.
Currently, One Court Square is 100 percent leased to Citibank NA. With this sale, SL Green's share of annualized cash rent from Citibank is reduced from 7.5 percent to 6.4 percent.