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NEW YORK CITY-For $97.5 million, Stellar Management and Rockpoint Group agreed to purchase the leasehold interest in 1140 Ave. of the Americas. Seller SL Green expects to realize proceeds in excess of $60 million. The 181,000-sf site traded for $510 per sf.

The office on the Northeast corner of Avenue of the Americas and 44th Street was acquired in 1997 as part of the company’s initial public offering. It is subject to a ground lease with an initial maturity of 2016.

The site is 98.6% occupied. The tenant roster includes law firm White & Case, MHP Holdings and Solomon Page Group.

The closing is expected to happen in the third quarter. The CB Richard Ellis team of Darcy Stacom, vice chairman and partner, and William Shanahan, vice chairman and partner, acted as exclusive agents for SL Green.

“The dynamics of the Midtown Manhattan sales market have enabled us to realize substantial gains on our non-core investments,” says Andrew Mathias, chief investment officer for SL Green. “By harvesting the embedded gains in our portfolio and recycling this organic capital into superior quality assets with better tenant credit profiles, we expect to generate long-term earnings growth.”

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