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SL Green to unload NY office asset; Washington Prime starts $33M Hawaii project


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SL Green to unload NY office asset; Washington Prime starts $33M Hawaii project

This feature rounds up recent property news from covered companies and highlights larger deal coverage already published.

* SL Green Realty Corp. is offloading a 180,000-square-foot office property at 520 White Plains Road in Tarrytown, N.Y., in a $21 million deal slated to close in the second quarter.

* Washington Prime Group Inc. and O'Connor Mall Partners LP launched a $33 million renovation project at Pearlridge Center in Aiea, Hawaii, their joint venture property comprising two enclosed venues known as Uptown and Downtown. The project, which will be completed in phases in the second quarter of 2017 and throughout 2018, includes a remodel of Pearlridge Downtown, an expansion of Down to Earth's freestanding space and a Bank of Hawaii financial services center, among others.

* Brookfield Property Partners LP is in late-stage negotiations to lease more than 200,000 square feet of office space at its 54-story One Liberty Plaza tower in New York City's Financial District to insurer Aon and about 90,000 square feet of space to Avon spinoff and Cerberus Capital Management-owned New Avon, The Real Deal reported, citing unnamed sources.

* UMH Properties Inc. acquired a 200-unit community in Pennsylvania for roughly $2.5 million. The all-age community sits on about 78 acres and has a roughly 40% occupancy rate.

Additional coverage

Paramount Group, GIC JV acquires Deutsche Bank NY HQ for $1.04B: The companies formed a joint venture to purchase 60 Wall St. in downtown Manhattan, N.Y.

Brookfield Property mulls 25% stake sale in A$1.8B Sydney development: A 25% stake in the Wynyard Station project could be worth A$450 million to A$500 million, The Australian Financial Review reported.