SL Green Agrees to Sell Midtown Manhattan Office Building for $632.5M

by Taylor Williams

NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has agreed to sell the fee ownership interest in 625 Madison Avenue, a 563,000-square-foot office building in Midtown Manhattan, for $632.5 million. The 17-story building is located between 58th and 59th streets and includes ground-floor retail space. In connection with the sale, SL Green and its partners will originate a $234.5 million preferred equity investment in the property, and the locally based real estate giant will use net proceeds from the sale for repayment of corporate debt. The buyer was an undisclosed global investment group.

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