Joint venture plans purchase of Manhattan mid-rise

Agreement calls for $500-plus per square foot

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SL Green Realty Corp. on Tuesday announced that it has entered into an agreement to sell 1140 Avenue of the Americas in Manhattan, N.Y., for $97.5 million, or approximately $510 per square foot, for the leasehold interest. Stellar Management is acquiring the property in a joint venture with its longtime partner Rockpoint Group. At closing, which is anticipated to occur in the third quarter of 2006 subject to customary closing conditions, the company expects to recognize a gain in excess of $60 million. Situated on the northeast corner of Avenue of the Americas and 44th Street, 1140 Avenue of the Americas was acquired in 1997 as part of the company's initial public offering and is subject to a ground lease with an initial maturity of 2016. After employing an extensive repositioning campaign at the property, SL Green attracted and maintained a prominent boutique tenant roster at the Rockefeller Center asset. Currently, 1140 Avenue of the Americas is 98.6 percent occupied. SL Green Realt...