The Madison Ave. property is a 264,960-sf, 23-story structure and rents for about $28 per sf, approximately 25% below market levels. SL Green will lease and manage the building. The proceeds from the sale of 90 Broad St., which was purchased in May 1999 for $34 million, will be redeployed into the acquisition of 180 Madison to effect a Section 1031 tax-free exchange.
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