SL Green to buy partner’s stake in Manhattan property
SL Green Realty Corp. has purchased a 45 percent indirect stake in 600 Lexington Ave., a 36-story, 303,500-square-foot office building in midtown Manhattan, from the Canada Pension Plan Investment Board.
With the acquisition of this stake, SL Green will have complete ownership of the office property. The transaction values the building at $284 million, or $936 per square foot, and is expected to close before year-end, subject to customary closing conditions.
SL Green and CPPIB acquired the property in May 2010 and completed capital improvements to reposition it as one of the submarket’s most desirable locations. With SL Green responsible for management and leasing, occupancy has reached 95 percent as of December 2015.
Always active in New York City, SL Green has been involved in several recent high-priced sales. In August, the REIT purchased the office building located at 11 Madison Ave. for more than $2.29 billion. The sellers were CIM Group an