NEW YORK--(BUSINESS WIRE)--The Sapir Organization and CIM Group announced the closing of the sale of 11 Madison Avenue, the iconic office building overlooking Madison Square Park in Manhattan’s Flatiron District, to New York City-based SL Green for $2.285 billion plus approximately $300 million in costs associated with lease-stipulated improvements.
Sapir acquired the asset in 2003 and in December 2010, CIM acquired a 49% equity interest in the 30-story, 2.3-million- square-foot trophy office building.
The designated national historic building is the cornerstone asset in Midtown South’s Madison Square Park neighborhood, which has in recent years transformed into one of the city’s most desirable places to live, work, shop and dine.
About Sapir Organization
The Sapir Organization | ASRR is a group of privately and publicly held companies, owned by Sapir family members. Principals Alex Sapir and Rotem Rosen, through their publicly traded company ASRR Capital LTD, recently purchased 218 Madison Avenue and the NoMo SoHo hotel at 9 Crosby. Sapir owns major New York City assets such as the MTA headquarters at 2 Broadway, and 260 Madison and 261 Madison. Their major tenants include Coca-Cola, Hanes Brands, Signature Bank and world-renowned ZUMA restaurant. For more information, please visit www.asrr.com
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in five strategic categories: repositioning and development projects, well-positioned operating properties, value-add properties, debt, and infrastructure. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area, Bethesda, Maryland, and Dallas. For more information, please visit www.cimgroup.com
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2015, SL Green held interests in 120 Manhattan buildings totaling 44.1 million square feet. This included ownership interests in 29.0 million square feet of commercial buildings and debt and preferred equity investments secured by 15.1 million square feet of buildings. In addition to its Manhattan investments, SL Green held ownership interests in 37 suburban buildings totaling 5.9 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey. For more information, please visit: http://slgreen.com/