Stephen Green’s SL Green Realty is reportedly set to acquire the iconic office tower 11 Madison Avenue in Manhattan for $2.6 billion. The deal, first reported by the New York Post, could well be the biggest real estate transaction in the history of New York City. If the deal goes through, it would mean a huge windfall for the current owners, Sapir Organization and the minority partner, CIM Group.
11 Madison Ave. is a premier office property located in the Madison Square Park area of Midtown Manhattan. The tower was completed in three phases between 1932 and 1950. Between 1994 and 1997, the property underwent a major renovation at an estimated cost of $400 million.
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In 2003, Sapir Organization paid about $675 million to MetLife for the iconic office building. CIM Group bought a stake in the property in 2010. Sapir and minority partner CIM Group decided to place the property on the market last month.
Sapir Organization was founded by the legendary real estate developer Tamir Sapir, a Jewish émigré from Soviet Union in early 197os, who first settled in Israel and later move to United States. After Tamir Sapir’s death in 2014, his son Alex Sapir manages the family-owned New York-based real estate business.
SL Green Realty is New York City’s largest office landlord, is a real estate investment trust (REIT). The investment trust mainly focuses on acquiring and managing Manhattan commercial properties. An S&P 500 company, it holds interests in more than a hundred Manhattan buildings with a total space of over 43 million square feet, including ownership interests in 29 million square feet of commercial buildings.
