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Local REIT Buys Bigger Stake in Midtown Tower; Secures $85 Mil Mortgage

NEW YORK CITY-A local REIT with a minor interest in a Penn Station-area office tower spends $29 million to bring its stake up to 49.9% and secures an $85 million mortgage on the property at the same time.

By Glen Thompson | Updated on September 25, 2001

NEW YORKCITY-SL Green Realty Corp. has acquired a 49.9% interest in 1250 Broadway from its joint venture partner, private equity firm the Washington, DC-based Carlyle Group, for approximately $29.5 million. In a separate but related transaction, Green obtained an $85-million mortgage on the property.

The 685,000-sf tower located between 31st and 32nd streets, purchased in 1999 for $93 million and currently valued at $121 million, is 99.6% leased. Completed in 1969 from a design by venerated architectural firm Shreve, Lamb & Harmon Associates, the 40-story building is undergoing a $5 million capital improvement program. Asking rents on available space are $25 to $48 per sf.

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