In an UpClose interview with GlobeSt.com, Marc Holliday, president and chief executive officer of SL Green, labeled Manhattan "the best office market in the country." Of this acquisition he says he expects the acquisition "will provide a steady stream of earnings for years to come, along with substantial upside in conversion and development opportunities."

The 1.2-million-sf South Building is 95.5% net leased to Credit Suisse First Boston through 2020, while the 267,000-sf North Tower is zoned for residential and office use. The locally based REIT will initially own 100% of the office component of the project, but intends to bring in a partner for up to a 50% interest.

SL Green and CSFB currently intend to physically separate the South Building and the North Tower and convert the North Tower to residential condominiums.Andrew Mathias, chief investment officer of SL Green, notes that park views, small floor plates and high ceilings makes the building an ideal candidate for residential use. SL Green and CSFB will share in the profits of the residential component.