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SL Green Realty announced a number of deals Monday morning, including the news it has sold a 25% stake in One Madison Ave., to an international investor.

The buyer has committed aggregate equity to the project totaling no less than $259.3 million. SL Green retained a 25.5% interest in the property, while its joint venture partners, the National Pension Service of Korea and Hines, retained their 49.5% interest. SL Green and Hines are co-developing the $2.3 billion project and have signed Chelsea Piers Fitness as the flagship retail tenant. One Madison Ave., is a 27-floor, 1.4 million square foot office tower currently under development that is expected to deliver in less than 23 months.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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