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SL Green Sells Minority Stake in News Building
SL Green Realty Corp. has sold a 49% interest in 220 E. 42nd St., also known as the News Building, to a real estate fund managed by Meritz Alternative Investment Management for gross consideration of $790.1 million. Meritz reportedly paid $387 million for its minority stake.
SL Green retained a 51% interest in the property, which it has owned since 2003, and will continue to oversee management and leasing of the 93% leased building. The transaction generated net cash proceeds to SL Green of $136.1 million.
“This transaction demonstrates the continued global demand for core New York City office properties, particularly those that are well leased on a long-term basis to credit tenants,” said SL Green SVP Harrison Sitomer.
A Cushman & Wakefield team of Adam Spies, Doug Harmon, Marcella Fasulo, Josh King and Avery Silverstein advised SL Green in the sale.
- ◦Sale/Acquisition
