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New York

SL Green and Gramercy Capital sell $230 million property ownership interest

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SL Green Realty Corp. and Gramercy Capital Corp. announced today that they will sell their interests in a New Jersey property for $230 million to Inland American Real Estate Trust. The 670,000-square-foot property at 55 Corporate Drive in Bridgewater, NJ, is the North American headquarters of Sanofi-aventis, a pharmaceutical company. The transaction works out to approximately $343 per square foot. SL Green Realty Corp. has made headlines a lot lately. At the end of last month, the company saw its stock shares increase 40 percent, following the government’s bailout of Citigroup. Citi accounts for 9.5 percent of the company’s rental income. The increase came after the company’s shares fell 59 percent to $11.36 on fears that Citigroup might file for bankruptcy. TRD