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SL Green Sets New York City Record With $2.6B Deal

SL Green Realty just made history with a $2.6B purchase of 11 Madison Ave from the Sapir Organization and its minority partner, CIM Group, making it the biggest single-building transaction in New York City history. The CBRE-brokered deal also makes it the second-highest price paid for a New York City office tower, second only to the $2.8B sale of the GM Building. Sapir, which purchased the 2.3M SF building in 2003 for $675M, scored big on the deal: chief executive Rotem Rosen tripled building NOI from $40M to $120M. SL Green CEO Marc Holiday said he would look for ways to monetize the asset. The building houses big names like Sony, Yelp and Credit Suisse. [TRD]