| NYC's largest landlord is at it again – nipping at the heels of the $193M proposed purchase of 600 Lexington Ave. in April, SL Green announced this morning that it has entered into an agreement to acquire 125 Park Ave. for $330M. It also sold its 45% non-managing ownership interest in 1221 Avenue of the Americas for $576M and sold a 45% JV ownership stake at 600 Lex, both to the Canada Pension Plan Investment Board. |
| The transactions at 600 Lexington (pictured) and 1221 Avenue of the Americas are expected to close this month, and 125 Park during 3Q10. SL Green indicated that the estimated $500M in net proceeds from the proposed sale of 1221 Avenue of the Americas will be re-deployed to provide equity for the proposed acquisitions of 125 Park and 600 Lexington, with the remainder used for corporate debt reduction and additional investments. The REIT was represented by Fried Frank for 1221 Avenue of the Americas and Greenberg Traurig for 125 Park, while CB Richard Ellis' Darcy Stacom and Bill Shanahan represented the seller of 125 Park. |
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