The Madison Ave. property is a 264,960-sf, 23-story structureand rents for about $28 per sf, approximately 25% below marketlevels. SL Green will lease and manage the building. The proceedsfrom the sale of 90 Broad St., which was purchased in May 1999 for$34 million, will be redeployed into the acquisition of 180 Madisonto effect a Section 1031 tax-free exchange.

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