"There was very competitive bidding," says Cushman &Wakefield's Ron Cohen, who acted as the sole financial advisor withcolleagues Richard Baxter, Jon Caplan, Scott Latham and HeatherBrownfeld. He notes that Moinian prevailed due to a number offactors including its familiarity with the property. The deal has a7% cap rate and there are a number of long-term leases in thebuilding to tenants including the City of New York. "They're[Moinian] in it for the long term."

SL Green expects to recognize a gain of approximately $26million from the sale of the financial district asset, which isexpected to close during the fourth quarter. According to SL Greenofficials, as with the recently announced sale of 1466 Broadway,substantially all resulting taxable income will be deferred througha reverse-1031 exchange into 750 Third Ave., which was acquired bythe firm in July.

So far this year, SL Green has racked up a sales volume of $469million when combined with the sales of 1466 Broadway and One ParkAvenue. Proceeds and the approximate $127 million of gainsgenerated have been redeployed or are available for redeploymentinto new investments and to pay down corporate debt. "Thetransaction allows us to realize a substantial gain on a matureasset and to redeploy these profits into value-addedopportunities," points out SL Green CIO Andrew Mathias.