Specifically, 750 Third will be purchased by SL Green as a wholly-owned asset for $255 million, while 485 Lexington will be acquired in a joint venture with the City Investment Fund LP for $225 million. SL Green expects to own approximately 37.5% of the equity interests in that property.

At closing, TIAA-CREF, will enter into an operating lease for the entire building at 750 Third. At the expiration of that agreement in December 2005, the building will be approximately 25% vacant. In January, Fairchild Publications inked a 17-year deal to move operations to 234,000-sf at the site. Built in 1958 at the corner of 47th Street and Third Avenue, the 34-story property comprises 761,057 net leaseable sf. Other tenants include First Commercial Bank, Eisner LLP and Buckingham Research Group.

At closing of 485 Lexington, TIAA-CREF will enter into an operating lease for the entire building as well. Upon expiration of the arrangement also in December 2005, it is anticipated that TIAA-CREF will vacate all of the space it occupies--approximately 870,000 sf—and be headquartered at another site it owns, the 645,00-sf 730 Third Ave.