SL Green announces trio of commercial deals

May 10, 2010 02:09PM

As expected, SL Green Realty has officially announced a trio of commercial office property deals today, two of which involve Toronto-based Canada Pension Plan Investment Board. In a statement, SL Green confirmed that it will sell two 45 percent ownership stakes to the Toronto-based fund — one in the McGaw Hill building at 1221 Sixth Avenue for $576 million and the other in 600 Lexington Avenue, which it picked up only last month for $193 million. The deals freed up equity for the purchase of 125 Park Avenue, the 26-story office building overlooking Grand Central Terminal, the company said. “We hope that this transaction marks the beginning of a long and mutually beneficial relationship with CPPIB,” said SL Green CEO Marc Holliday. “We believe the New York City commercial office market is finally turning the corner after a few difficult years, and that we have repositioned our balance sheet effectively to take advantage of emerging opportunities.”TRD