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SL Green and Morgan Stanley Selling One Property, Buying Another

NEW YORK CITY-Proceeds from the sale of one property will be redeployed into acquisition of the other to defer capital gains.

By John Howe | Updated on September 27, 2000

NEW YORK CITY-SL Green Realty and Morgan Stanley Real Estate Fund III LP are buying the building at 180 Madison Ave. for $41.25 million and selling their jointly owned building at 90 Broad St. for $60 million.

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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