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Brookfield Weighing Bid for SL Green Tower Near Hudson Yards

Gillian Tan
·1 min read

(Bloomberg) -- Brookfield Asset Management Inc. is weighing a bid for 410 10th Ave., a skyscraper located in Manhattan’s Hudson Yards neighborhood that is owned by SL Green Realty Corp., according to people with knowledge of the matter.

The 20-story office tower counts Amazon.com Inc. and First Republic Bank among its tenants. It was refinanced with a new $600 million construction loan provided by institutions led by Goldman Sachs and Wells Fargo, the real estate investment trust said last month.

Representatives for Brookfield and SL Green declined to comment.

Brookfield has invested nearly $5 billion in the Hudson Yards area, where a surge of development is reshaping the far west side of Manhattan. The neighborhood has had success drawing technology and finance tenants, though the pandemic has emptied it out.

SL Green, a major Manhattan landlord, has seen its shares lose nearly half their value this year, with the pandemic largely keeping workers out of office buildings. The company’s newest tower One Vanderbilt, located across from Grand Central Terminal, opened last month to an unusually quiet midtown.

SL Green, which owns a controlling stake in the 10th Avenue building, had been seeking $1.1 billion for the property, Business Insider reported in July.

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