NEW YORK CITY — SL Green Realty Corp. has entered into an agreement to sell a 49.5 percent interest in New York City’s 485 Lexington Avenue for approximately $504.2 million. The buyer is Green 485 JV LLC, a joint venture partnership between Optibase Ltd. and Gilmor USA LLC. The sale includes the assumption of $450 million of existing debt, which will remain outstanding. The transaction is valued at $547 per square feet with an implied cap rate of 6.25 percent. The deal can only be consummated under certain conditions, including approval by the lender. SL Green purchased 485 Lexington in 2004 and immediately completed a $90 million capital repositioning program. The property is currently at 98.6 percent occupancy with a tenant roster that includes Citigroup, N.A. and The Traveler’s Indemnity Corp. Cushman & Wakefield represented SL Green in the transaction.
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