"There was very competitive bidding," says Cushman & Wakefield's Ron Cohen, who acted as the sole financial advisor with colleagues Richard Baxter, Jon Caplan, Scott Latham and Heather Brownfeld. He notes that Moinian prevailed due to a number of factors including its familiarity with the property. The deal has a 7% cap rate and there are a number of long-term leases in the building to tenants including the City of New York. "They're [Moinian] in it for the long term."

SL Green expects to recognize a gain of approximately $26 million from the sale of the financial district asset, which is expected to close during the fourth quarter. According to SL Green officials, as with the recently announced sale of 1466 Broadway, substantially all resulting taxable income will be deferred through a reverse-1031 exchange into 750 Third Ave., which was acquired by the firm in July.

So far this year, SL Green has racked up a sales volume of $469 million when combined with the sales of 1466 Broadway and One Park Avenue. Proceeds and the approximate $127 million of gains generated have been redeployed or are available for redeployment into new investments and to pay down corporate debt. "The transaction allows us to realize a substantial gain on a mature asset and to redeploy these profits into value-added opportunities," points out SL Green CIO Andrew Mathias.