11 Madison Ave. The sale of a 40% stake in 11 Madison Ave. values the 2.3 million-square-foot office property at $2.6 billion.

NEW YORK CITY—SL Green Realty Corp. and PGIM Real Estate—the real estate investment business of PGIM, Inc., the global investment management businesses of Prudential Financial—have struck a joint venture in which the former firm, the city’s largest office landlord, has sold a 40% interest in 11 Madison Ave. to the latter company.

The transaction values the 2.3 million-square-foot, Class-A Midtown South office property at $2.6 billion, inclusive of the costs associated with lease stipulated improvements to the property. PGIM Real Estate has a one-year option to acquire an additional 9% stake in the venture at the same gross property valuation of $2.6 billion.

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.

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