"For more than a decade, Times Square has been the epicenter ofcorporate resurgence in Manhattan and 1515 Broadway standsprominently [here]," says Marc Holliday, CEO of SL Green, in astatement. "Additionally, the transaction will allow us to redesignour previously planned redevelopment and save over $200 million ofpotential re-tenanting costs."

The 56-floor building is currently undergoing a $160-millionredevelopment, which will redesign the glass façade and extendthe façade on the base floor, along with revamps of emergency andHVAC, upgrades electrical systems, elevators, parking areas,restrooms and will provide column-free floor plates. Steven Durels,EVP and director of leasing and real property for SL Green, toldGlobeSt.com that the repositioning of the building was partiallymotivated by Viacom's expiring 2010 lease.

SL Green and SITQ's joint venture acquired the1.75-million-square-foot 1515 Broadway in 2002 for $480 million. Theproperty is 95% leased as home to The Minskoff Theatre, AEG Live'sNokia Theatre and Wurk Environments, LLC.