SL Green Realty Corp. has sold 6 Times Square, a 16-story office tower on the corner of Broadway and 42nd Street, for $160 million, or roughly $537 per sq. ft. A joint venture between Sitt Asset Management and Steven Sutton has agreed to buy the property.

Office REIT SL Green (NYSE: SLG) expects to reap a profit of roughly $79 million from the sale. Thanks to a reverse-1031 exchange, however, a substantial amount of the taxable gain on sale will be deferred.

"The sale of 1466 Broadway demonstrates SL Green's continuing commitment to the divestiture of repositioned and stabilized properties and the recycling of profits generated from such sales into new value-added opportunities," says Andrew Mathias, chief investment officer of SL Green.

According to Mathias, proceeds from sale will be reinvested into SL Green’s acquisition of another midtown office building, 750 Third Avenue. The transaction is expected to close in November.