NEW YORK CITY—SL Green Realty Corp. said Tuesday it had agreed to buy 11 Madison Ave. from a joint venture of the Sapir Organization and CIM Group. At $2.6 billion including $300 million in lease improvement costs, it is believed the largest single-building deal in the city's history.
Originally housing the headquarters of what is now MetLife, the 2.3-million-square-foot office property is now largely occupied by Credit Suisse. It also will serve as the new headquarters for Sony Corp. of America, which sold its headquarters farther up the street, at 550 Madison Ave., in early 2013.
“Eleven Madison Avenue is one of the best assets in New York City's vibrant Midtown South submarket, with floor-plate sizes, amenities and a robust infrastructure that are truly unique to the area,” says Isaac Zion, SL Green's co-CIO. “Occupying a full block across from Madison Square Park, the building has direct connectivity to One Madison Avenue, a 1.2 million square foot building that is leased to Credit Suisse and also owned by SL Green.”
The CBRE investment sales duo of Darcy Stacom and William Shanahan represented the Sapir/CIM JV; Sapir had acquired the property from MetLife for $675 million in 2003. The law firm of Greenberg Traurig LLP represented SL Green, while DLA Piper (US) provided legal counsel to the sellers. The office REIT is expected to close on the acquisition in the third quarter.
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