SL Green selling $500M McGraw-Hill building stake

SL Green Realty is selling its 45 percent stake in the 51-story McGraw-Hill building for more than $500 million in an effort to raise cash for recent and future acquisitions, the Wall Street Journal reported. The city’s largest landlord prefers a controlling stake in its properties, said president Andrew Mathias, which is why it wanted to sell the 1221 Sixth Avenue tower near Rockefeller Center. The buyer, Toronto’s Canada Pension Plan Investment Board, paid $576 million for the share, including $500 million in cash. SL Green announced its purchase of 600 Lexington Avenue for $193 million last month — in which Canada Pension Plan is also buying a 45 percent stake — and is expected to announce the acquisition of 125 Park Avenue for $330 million today. [WSJ]