SL Green and Morgan Stanley Purchase Midtown Office Building for $45.7 Mil

NEW YORK CITY-In-place rents for the property are $28.50 per sf, about 35% below the market level. SL Green will act as the joint venture's operating partner.

By John Howe | December 04, 2000 at 01:01 AM

SL Green, which is acquiring a 35% ownership interest in the building, will serve as operating partner in charge of leasing and management. In-place rents are now $28.50 per sf, about 35% below the market rate.

SL Green is a self-administered REIT specializing in Manhattan office properties. The Morgan Stanley Fund is the real estate private equity business of Morgan Stanley Deal Witter. Both firms are based here.

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