SL Green finds partner for One Madison

SL Green Realty Corp. has formed a joint venture with Gramercy Capital Corp. to co-own the South Building located at One Madison Avenue. Gramercy will own a 45 percent interest in the 1.2 million square foot building. Gramercy and SL Green will acquire the building at the same time for approximately $803 million. The property is almost entirely occupied by Credit Suisse First Boston, which has 15 years remaining on its lease. The North Tower at One Madison, which will be owned in a separate joint venture controlled by SL Green, is expected to be converted into for-sale residential condominiums.