SL Green Realty Corp. said it agreed to sell "substantially all of its ownership interest" in 724 Fifth Ave. in New York to Jeff Sutton, its joint venture partner.
The office-focused real estate investment trust will also be redeemed on its investment in 720 Fifth Ave. and partially repaid on a separate partnership loan. In total, the transactions should generate about $85.5 million in net proceeds for the company.
724 Fifth Ave. is a boutique office and gallery property, home to Prada SpA's flagship store, while 720 Fifth Ave., which encompasses 132,317 square feet, is home to Abercrombie & Fitch Co.'s flagship store.
The deals are expected to close in the third quarter.
