SL Green will originate, manage and service the investments as well as receive incentive returns based on investment performance. Company president Marc Holliday notes that this program will enable SL Green to broaden its presence in Midtown as well as to diversify its structured finance portfolio. This is the second time the firms have formed a joint venture. The last one brought them ownership of 100 Park Ave.

Commenting on the agreement, David Bradford, senior portfolio manager for PRISA, one of the PREI managed accounts making the investments, notes that, "these structured financial arrangements are an excellent method for accessing attractive investments secured by prime, well-located office buildings in New York City."SL Green is a self-administered REIT that specializes in Manhattan office properties. Prudential is a business of Prudential Insurance that manages $12.3 billion in assets for approximately 325 institutional clients.