Consistent with its efforts to enhance its Times Square retail
SL Green Realty Corp.
) announced a deal to acquire 719 Seventh Avenue for $41.1 million.
The move will essentially help in leveraging on the attractive
Times Square that is turning out to be a dynamic retail and
commercial destination. In the past, the company has already made
strategic investments in the submarket.
The deal is expected to close in the second quarter and is
currently conditioned upon customary closing norms. The property in
consideration is located on the southeast corner of 48th Street and
A building of up to 28,114 square feet as well as the LED signage
towers can be accommodated at the site. Eventually, SL Green plans
to knock down the building so as to fully gain from the development
As a matter of fact, SL Green is seeking to tap opportunities in
New York City's premium retail locations with its retail
investments complementing its core office and structured finance
The company already has notable investments in New York City's
chief retail corridors and its investments in the recent years
comprise the retail space at 650 Fifth Avenue, 121 Greene Street,
115 Spring Street, and 131-137 Spring Street.
We believe that the diversification of investments in retail
properties would offer this Zacks Rank #2 (Buy) stock sufficient
growth prospects. Investors interested in the REIT industry may
consider stocks like
The GEO Group, Inc.
Parkway Properties Inc.
Terreno Realty Corp.
). All these stocks carry a Zacks Rank #1 (Strong Buy).
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SL GREEN REALTY (SLG): Free Stock Analysis
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