SL Green Realty and Renaissance Office Partners sell office property - $20.7 million

7 Renaissance Square - White Plains, NY

White Plains, NY SL Green Realty Corp. and its joint venture partner, Renaissance Office Partners, LLC, have agreed to sell 7 Renaissance Sq., a 65,600 s/f office building at the Ritz Carlton complex for $20.7 million. Jeff Dunne of CBRE represented the sellers. SL Green and Renaissance Office Partners formed the joint venture to recapitalize 7 Renaissance Sq. in Dec. 2010. Along with taking a 50% ownership position in the joint venture, SL Green assumed management and leasing responsibilities. Renaissance Office Partners assumed all construction responsibilities.

SL Green’s co-chief investment officer, Isaac Zion, said, “We are very pleased with the outcome of our 7 Renaissance investment. It represents one of the highest prices per square foot ever achieved for a Westchester County office asset.”

The gross sales price is $20.7 million. The transaction is expected to close during the second quarter of this year, subject to customary closing conditions.