"For more than a decade, Times Square has been the epicenter of corporate resurgence in Manhattan and 1515 Broadway stands prominently [here]," says Marc Holliday, CEO of SL Green, in a statement. "Additionally, the transaction will allow us to redesign our previously planned redevelopment and save over $200 million of potential re-tenanting costs."

The 56-floor building is currently undergoing a $160-million redevelopment, which will redesign the glass façade and extend the façade on the base floor, along with revamps of emergency and HVAC, upgrades electrical systems, elevators, parking areas, restrooms and will provide column-free floor plates. Steven Durels, EVP and director of leasing and real property for SL Green, told GlobeSt.com that the repositioning of the building was partially motivated by Viacom's expiring 2010 lease.

SL Green and SITQ's joint venture acquired the 1.75-million-square-foot 1515 Broadway in 2002 for $480 million. The property is 95% leased as home to The Minskoff Theatre, AEG Live's Nokia Theatre and Wurk Environments, LLC.

SL Green Realty Corp. is a self-administered and self-managed real estate investment trust. Québec-based SITQ is a real estate investment, management and development firm. CB Richard Ellis Inc. and a legal team at Shearman & Sterling LLP represented Viacom in the deal. SL Green repped itslf with attorneys from Paul, Hastings, Janofsky & Walker LLP.

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