SL Green Puts 1M-SF Portfolio on Market

TARRYTOWN, NY-In a move that will mark its exit from the Tarrytown and Valhalla office markets, SL Green Realty Corp. has put a total of eight office buildings here and in Valhalla on the market for sale. SL Green, which is headquartered in New York City, has hired Cushman & Wakefield to market the Westchester County properties. The firm will retain its considerable office property holdings in White Plains, including its flagship property at 360 Hamilton Ave. and in Rye Brook.

The properties to be sold include the Summit Office Park at 100, 200 and 500 Summit Lake Dr. in Valhalla, a complex that totals nearly 710,000 sf of class A office space that was originally built by Valhalla-based Cappelli Enterprises and later acquired by Reckson Associates Realty Corp. The firm is also looking for a buyer for 115 Stevens Ave., which totals 126,000 sf as well as 117 Stevens Ave., which totals 52,000 sf, in Valhalla, which were also built by Cappelli Enterprises. Also on the market for sale are 100, 120 and 520 White Plains Rd. in Tarrytown, which total 365,500 sf.

In January, SL Green Realty acquired a majority of the holdings of the former Reckson REIT in a deal valued at $6 billion. At that time, SL Green then divested some of Reckson’s suburban holdings, including the former EastRidge portfolio, in a $2-billion sale to RexCorp Realty, which is comprised of some of the former management of Reckson. The Reckson division of SL Green manages the company’s properties in Westchester and Connecticut.

When questioned about the reason behind putting the Tarrytown and Valhalla properties on the market for sale, an SL Green Realty spokesman tells GlobeSt.com that “the company’s primary focus in Westchester County and Connecticut is on optimizing its investments in office properties that are concentrated around major downtown transit hubs. This is consistent with the way SL Green’s core New York City portfolio has been assembled.” Officials with Cushman & Wakefield did not comment on its assignment with SL Green Realty to market the Tarrytown and Valhalla properties for sale.