SL Green and Joseph Moinian are selling the office building located at 180 Maiden Lane in Manhattan for $470 million.
Norman Sturner’s Murray Hill Properties LLC and Clarion Partners are the buyers of the office tower which was once the headquarters of American International Group. AIG moved out of the building in April.
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SL Green acquired a 49.9% stake in the property in 2011 after the firm extended the Moinian Group a $290 million loan to help refinance it.
180 Maiden Lane is a glass tower located in the heart of the Financial District. It offers views of the New York Harbor, Statue of Liberty, South Street Seaport, the East River and Midtown. It boasts a state of the art cafeteria, 4 story glass enclosed atrium and convenient on site fitness center.
Built in 1984 at the end of Maiden Lane right by the FDR Drive in lower Manhattan, the building has a total of 1.9 million square feet of space, 800, 000 of which are currently available. It is a class A office building with 41 stories.
Isaac Zion, Co-Chief Investment Officer of SL Green said, “We are very pleased with the outcome of our investment in 180 Maiden Lane. It represents the most recent example of what we believe is our unsurpassed ability to find intrinsic value in an asset and to generate significant returns for our shareholders, as evidenced by our internal rate of return on the investment of approximately 16%.”
He continued, “We have a longstanding relationship with Joe Moinian and the outcome at 180 Maiden Lane is just the latest example of our continued success together.”
Joseph Moinian, President and Chief Executive Officer of The Moinian Group stated, “We are thrilled with the outcome at 180 Maiden Lane and look forward to future opportunities with our excellent partners at SL Green.”
In other SL Green news, the real estate firm announced a $0.50 dividend per share on its common stock for the third quarter of 2014. The dividend is payable on October 15, 2014 to shareholders of record at the close of business on September 30, 2014.
The board of directors also declared the regular quarterly dividend on the company’s Series I Preferred Stock for the period July 15, 2014 through and including October 14, 2014, of $0.40625 per share, which is the equivalent of an annualized dividend of $1.625 per share.