The space, which was never put on the open market for sublease, was leased for the remainder of SG's term which runs through 2013. No financial terms of the transaction were disclosed, but asking rents in the building have been in the $60s-per-sf range. Others on the tenant roster include Sonnenshein, Nath, & Rosenthal LLP, JP Morgan/Chase Bank, McGraw-Hill Cos., Rockefeller Group and Sirius Satellite Radio.
Paul Revson, principal of the Staubach Co. of New York, represented Société Générale. Morgan Stanley was self-represented. The Staubach Co completed more than 5,200 transactions totaling 151 million sf in the company's fiscal year ending June 30, 2004.
At the end of 2003, SL Green Realty Corp. acquired a 45% ownership interest in the site for $450 million from the McGraw-Hill Cos., who continues to be the anchor tenant on a long-term lease. Rockefeller Group International Inc. retained its 55% ownership interest and continues to manage the property.
The 50-story, nearly 2.6-million-sf 1221 Ave. of the Americas sold for approximately $394 per sf. One broker involved in the transaction called it "one of the largest building deals of the decade."
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