REBusinessOnline

SL GREEN, GRAMERCY TO SELL OFFICE INTEREST FOR $230 MILLION

BRIDGEWATER, N.J. — SL Green Realty Corp. and Gramercy Capital Corp. have agreed to sell their interests in a three-building office property in Bridgewater to Inland American Real Estate Trust for $230 million.

The 670,000-square-foot property is situated on 150 acres at 55 Corporate Drive and is home to Sanolfi-aventis, a pharmaceutical company.

“[The property’s] value has held up well, and the fact that our venture is able to sell it despite extremely difficult market conditions, demonstrates that fact,” says Marc Holliday of SL Green.

The purchase price includes the assumption of an existing $190 million mortgage and the transaction is expected to finalize within two months. The transaction results in a capitalization rate of 6.9 percent to the seller.

Andrew Merin and Gary Gabriel of Cushman & Wakefield, and the legal team of Greenberg Traurig represented the seller in the transaction. The buyer was represented in-house by Joseph Cosenza, Peter Harsy and Gary Pechter.

SL Green is a REIT that acquires, owns, repositions and manages Manhattan office properties. As of September 2008, the company owned 30 New York City office properties making it New York’s largest office landlord.

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