SL Green Takes Over Madison Avenue Office Tower From Ashkenazy After Lengthy Battle

August 18, 2023 / no comments

SL Green has successfully taken full control at 625 Madison Ave. after it won a foreclosure auction at the property this week.
The Manhattan-based REIT had ground leased the building from Ashkenazy Acquisition Corp., which had fallen behind on loan payments, triggering a UCC foreclosure proceeding. SL Green bought a stake in the mezzanine loan tied to the fee interest, allowing it to execute on the foreclosure and take full control of the 17-story building, The Real Deal reports.
SL Green and other lenders, including UK-based Children’s Investment Fund and Winthrop Realty Trust, held a $195M mezzanine loan provided to Ashkenazy Acquisition Corp.,…

Alexandria Real Estate President And CFO Resigns

August 18, 2023 / no comments

Dean Shigenaga submitted his resignation from his roles as president and chief financial officer at Alexandria Real Estate Equities on Wednesday. 
Shigenaga, whose resignation will be effective Sept. 15, cited “personal family health reasons,” the REIT said in a filing with the Securities and Exchange Commission. The life sciences giant’s board of directors elected Marc Binda to fill the roles of chief financial officer and treasurer.
“Marc has been Dean’s right hand for much of Marc’s career so we expect the transition to be flawless,” Alexandria CEO Joel Marcus said in an emailed statement to Bisnow. “Marc has helped lead, among many things, our fortress…