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NEW YORK CITY — PGIM Realty Estate has acquired a 40 percent interest in Eleven Madison Avenue, a 2.3 million-square-foot office property in Midtown South, from SL Green Realty Corp. for $480 million. The new ownership joint venture is seeking a modification to the mortgage on the property. If the modification is not obtained within six months after the closing, SL Green may repurchase the sold interest from PGIM Real Estate. The partnership expects the modification to be granted during the fourth quarter of 2016. PGIM Real Estate has a one-year option to acquire an additional 9 percent stake in the venture at the same gross property valuation of $2.6 million. Darcy Stacom and William Shanahan of CBRE advised SL Green on the deal.