SL Green Realty Corp. said Tuesday it has entered into a contract to purchase 346 Madison Ave., the former Brooks Brothers flagship, and the adjacent site at 11 E. 44th St. for $160 million. The transaction is expected to close during the fourth quarter of 2025.
The acquisition of the two adjoining buildings represents an opportunity to create a new office building on a prominent development site in Midtown East, according to SL Green. Combined, the properties can accommodate approximately 800,000 rentable square feet.
“These assets are in an exceptional location just steps from One Vanderbilt,” said Harrison Sitomer, CIO at SL Green. “As we continue to prioritize well-located opportunities in our core sub-markets, these properties provide us the opportunity to pursue a world-class, ground-up new office development in the heart of the strongest office market in the country.”
Drew Isaacson and David Giancola of JLL advised on the transaction.
Photo courtesy of JLL.
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