Andrew Mathias, chief investment officer for SL Green notes that the sale is a continuation of the firm's strategy of "recycling capital through recurring sales into accretive investments with enhanced revenue generating opportunities." The sale will be effectuated through a reverse 1031 exchange with 625 Madison Ave., which will result in substantially all of the taxable gain on sale being deferred," SL Green officials note. The REIT expects to recognize a gain of approximately $35 million. Last October, SL Green acquired a 100%, 50-year leasehold interest in the 558,000-sf 625 Madison for $231.5 million.

SL Green purchased the 19-story 1414 Ave. of the Americas around the time of its IPO in 1997 and completed a rehabilitation and repositioning program. The building was approximately 98% leased at the time of sale.

Darcy Stacom and Paul Liebowitz of CB Richard Ellis Inc. were the exclusive sales agents for SL Green. APF was self represented. Mathias anticipates additional sales in SL Green's future. "Given the high level liquidity in the market, we expect to continue selling assets to realize substantial gains and to redeploy capital."