Eastdil Realty managing director Douglas Harmon was theexclusive sales advisor for the transaction, which closed late lastweek. As part of the $222-per-sf deal, SL Green invested $6 millionin the purchasing entity. The move will give SL Green the best ofboth worlds by allowing the firm to receive a high current rate ofreturn on a new investment while taking a capital gain on thesale.

The buyer is an investment group whose principals are members ofthe Sitt and Sutton families. The locally based Sitt-Sutton groupis an under-the-radar investor in New York real estate assets.

An industry source familiar with the sale tells GlobeSt.com thetransaction is "a bellwether for New York" because it represents aresurgence of interest in class B office assets that aren't "overlysexy," but are nonetheless perceived as solid long-terminvestments.

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