City-based office REIT SL Green Realty Corp. has bought two Manhattan office buildings for $480 million, or $282 per sq. ft. The two buildings — 750 Third Ave and 485 Lexington Ave. — were sold by TIAA-CREF. The two properties occupy a full city block along 46th Street in Midtown Manhattan with a combined 1.7 million sq. ft. of space.
"We are proud that TIAA-CREF has selected us to acquire these properties. These are significant transactions for SL Green that will enable us to achieve our strategic objectives of continually upgrading our portfolio whilein the future earnings growth of the company," says Marc Holliday, president and CEO of SL Green.
Cushman & Wakefield represented TIAA-CREF on the sale of both properties. The transactions are expected to close in the third quarter of 2004.