SL Green sells N.Y. site for $61.5M |
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Published
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Tue, 30 Jan 2007 16:08
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NEW YORK (AFX) - Real estate investment trust SL Green Realty Corp. said Tuesday that it is selling a Manhattan office property for $61.5 million.The 156,532-square-foot site located at 70 West 36th Street is being sold for $393 per square foot.SL Green expects an approximately $50.2 million gain on the sale. Proceeds will be used for its Reckson Associates Realty Corp. acquisition. Last week SL Green completed its $6 billion takeover offer for Reckson.The office building sale is part of SL Green's plan to upgrade its portfolio through selective non-core divestitures.The deal is expected to close in the first quarter.Shares of SL Green fell $2.09 to $144.78 in morning trading on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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