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NEW YORK CITY-Gramercy Capital Corp. said late Monday it had closed on $390.8 million worth of previously announced investment sales to SL Green Realty Corp., including a 45% joint venture stake in the leased fee of the office tower at 885 Third Ave., better known as the Lipstick Building. The three deals combined produced approximately $89.8 million of unrestricted cash for Gramercy and approximately $39.0 million of restricted cash for one of its three CDOs, the company said.

When the sales were announced in early December, Gramercy CEO Roger M. Cozzi said in a statement, “These transactions enable us to monetize several non-controlling co-investment positions, produce a substantial increase in our corporate liquidity and further deleverage Gramercy’s balance sheet.” He added, “We’re pleased to reach agreement on transaction terms that help Gramercy achieve its short and long-term objectives.”

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