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NEW YORK — SL Green Realty Corp. (NYSE: SLG), New York City’s largest commercial property owner, has entered into a definitive agreement to acquire Eleven Madison Avenue in New York City for $2.29 billion, plus approximately $300 million in costs associated with lease-stipulated improvements to the property. The building is being sold by a joint venture between The Sapir Organization and CIM Group. The transaction is expected to close in the third quarter of 2015. Built in 1929 as the original headquarters of Metropolitan Life Insurance Co., Eleven Madison Avenue is a 29-story, 2.3 million-square-foot office tower located in New York’s Midtown South submarket. 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. Yelp, Young & Rubicam, William Morris Endeavor Entertainment and Fidelity Investments occupy the balance of the building, along with the Eleven Madison Park restaurant, which earned Three Stars from the Michelin Guide. The property features an art-deco design highlighted by an Alabama limestone exterior. It is also on the National Register of Historic Places. “Eleven …

NEW YORK — Eastern Consolidated has arranged a $115 million loan to finance the construction of two 11-story luxury residential condominium buildings at 527 W. 27th Street in Chelsea next to the High Line elevated park. Centaur Properties and Greyscale Development Group are developing the 135,000-square-foot Jardim condominium buildings on a site between 27th and 28th streets. According to real estate blog Curbed, the developers bought the property in 2013 for $45 million. Jardim, Portuguese for “garden,” will include 36 apartments ranging from one to four bedrooms, 12,000 square feet of retail space and 39 parking spaces. The buildings are expected to open by fall 2016. Adam Hakim and Sam Zabala, managing directors in Eastern Consolidated’s Capital Advisory Division, placed the loan. Financial Associate James Murad assisted on the transaction. According to Hakim, Brazilian architect Isay Weinfeld is designing the complex that will feature an inner courtyard and garden. Other amenities at Jardim will include an indoor pool, fitness center, massage room, children’s playroom, private storage and a bicycle storage room. Hakim and Zabala recently joined Eastern Consolidated from Prospect Capital Group. The two have overseen a combined $8 billion in transactions. Manhattan-based Eastern Consolidated was founded in 1981. It …

CINCINNATI – Phillips Edison & Co. (PECO) will separate its strategic investment and net lease investment business units from its grocery-anchored shopping center business. The new standalone company will be called PECO Real Estate Partners (PREP). PREP will focus on investing in single-tenant retail, power and lifestyle centers, enclosed malls and mixed-use retail projects, while PECO will focus exclusively on growing and enhancing the value of its grocery-anchored shopping center portfolio. The division aims to streamline PECO’s business by creating two independent companies with distinct investment strategies, growth profiles and asset types. Jeff Edison will continue in his role as principal and CEO of PECO, and will be responsible for overseeing the company’s strategic direction and day-to-day business operations. Mike Phillips, who previously served as principal and president of PECO, will help lead PREP as principal and CEO. Phillips will remain involved in PECO as a partner and investor. “We founded the company in 1991 with a focus on grocery-anchored shopping centers. This strategic decision is something we have contemplated for some time as a way to streamline PECO’s business by returning to an exclusive focus on our core competency: investing in grocery-anchored shopping centers,” says Edison. “We look forward …

HIALEAH, FLA. — Cronheim Mortgage has arranged a $140 million loan for the refinance of Palm Springs Mile, a 1.3 million-square-foot retail portfolio located in the Miami suburb of Hialeah. Palm Springs Mile includes a group of contiguous shopping and strip centers on Hialeah’s primary commercial corridor along both sides of the street. Anchor tenants include Kohl’s, LA Fitness, Walmart Neighborhood Market, Burlington Coat Factory, Michael’s, Toys ‘R’ Us, Winn-Dixie and Ross Dress for Less. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage placed the loan through one of Cronheim’s insurance company correspondents. The 25-year loan features seven years of interest-only payments followed by a 30-year amortization schedule. The borrower was an entity affiliated with Philips International, a real estate operator and developer based in New York City. The company’s holdings span more than 200 retail and hotel properties throughout the country. Philips International has offices in New York, Delaware, Florida and Texas. “We are pleased to have helped the borrower accomplish its goal of locking in long-term financing while interest rates remain near historical lows,” says Turley. “Palm Springs Mile is one of South Florida’s premier retail assets. Cronheim Mortgage is thrilled to add this loan to …

MIAMI — Stiles has sold 800 Brickell, a 209,122-square-foot office building located on Brickell Avenue in Miami, for $111.6 million. RAR 2-800 Brickell, an affiliate of RREEF Property Trust, purchased the property. The sales price represented $533 per square foot, the highest price in the Brickell submarket, according to Stiles. “This transaction is a testament to the strength of the Brickell submarket as well as our ability to create value for our partners and execute on our asset strategy,” says David Chanon, Stiles vice president of financial services. “Brickell is one of the premier office and residential submarkets in the country.” Stiles purchased the property in partnership with Guggenheim Real Estate in 2004 for $34 million. Over the last decade, the company increased the property’s leasable square footage, upgraded the common areas and elevators, modernized the exterior plaza and office suites, and completely redesigned and activated the ground-floor retail along Eighth Avenue. Stiles received LEED Silver certification for 800 Brickell in 2011. The building is Energy-star rated and has won The Office Building of the Year and Earth awards by the Building Owners and Managers Association. Originally constructed in 1981, 800 Brickell includes a 15-story full glass façade and an …

CHICAGO AND NEW YORK — Global commercial real estate services firms Cushman & Wakefield and DTZ have reached a definitive agreement to merge operations. According to multiple media outlets, DTZ is acquiring Cushman & Wakefield for approximately $2 billion. The new company, which will operate under the Cushman & Wakefield brand, will have revenues exceeding $5.5 billion, more than 43,000 employees and will manage more than 4 billion square feet globally on behalf of institutional, corporate and private clients. “DTZ is elated to be merging under the prominent Cushman & Wakefield brand. The companies have remarkably complementary skills and reach in different geographies — whether in New York, London or Shanghai, this will be a formidable combination,” says Brett White, who will assume the role of chairman and CEO of the combined company. White has more than 30 years of experience in the real estate industry and his previous role was CEO of CBRE. “While breadth and depth are important to serve clients, it’s not just about size. It’s also about local expertise and deep customer service, which are strong traits of Cushman & Wakefield and DTZ, and ultimately what will differentiate us going forward,” adds White. Upon completion of …