SL Green buys out Joel Seiden’s stake in Stonehenge’s portfolio
December 8th, 2014 – SL Green Realty, the city’s largest commercial landlord, is upping its residential game. The real estate investment trust is buying a stake in a 23-building, 2.6 million-square-foot portfolio owned by Stonehenge Partners. SL Green is buying the stake controlled by Joel Seiden, who is stepping down as co-chairman of Stonehenge.
The portfolio consists of more than 2,800 rental apartments and 43,000 square feet of retail space. SL Green will take a roughly 50 percent stake in the portfolio, it announced in a release today. “This investment represents an incredible opportunity for SL Green to expand its residential portfolio in partnership with a proven operating partner,” SL Green’s co-chief investment officer David Schonbraun said in a statement. Yardeni added: “Stonehenge is excited to partner with SL Green again, and this time, in a much greater capacity.”
On Seiden’s departure, Yardeni said that he wanted to “sincerely thank Joel for being an invaluable member of the Stonehenge family from the very beginning. My wife Shari and I wish him all the best in his future endeavors.”
Separately, SL Green, which is headed by Marc Holliday, also announced that it has increased its stake in an office building at 1745 Broadway to 57 percent, in a deal with the Witkoff Group. The building is leased in its entirety by Random House. SL Green initially acquired a 32 percent stake in the 674,000-square-foot, 50-story property in 2007. — Claire Moses and Hiten Samtani