SL Green To Buy Eleven Madison Avenue For $2.285 Bln Plus $300 Mln In Costs

(RTTNews) - SL Green Realty Corp. (SLG) announced that it agreed to acquire Eleven Madison Avenue in New York City for $2.285 billion plus approximately $300 million in costs associated with lease stipulated improvements to the property.

The building is being sold by a joint venture of The Sapir Organization and CIM Group.

The transaction is expected to close in the third quarter of 2015, subject to customary closing conditions.

Eleven Madison Avenue is a 29-story, 2.3 million square foot Class-A, Midtown South office property that was built in 1929 and originally served as the headquarters of Metropolitan Life Insurance Company. After a $700 million modernization in the 1990s, it became the North American headquarters of Credit Suisse, which continues to be the largest tenant in the building today. It also will serve as the new headquarters for Sony Corp. of America.

The balance of the building is occupied by Yelp, Young & Rubicam, William Morris Endeavor Entertainment, and Fidelity Investments, along with the Eleven Madison Park restaurant, which earned Three Stars from the Michelin Guide.