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SL Green Recapitalizes 485 Lex, Inks Renewal at 1372 Broadway

NEW YORK CITY-SL Green and joint venture partner the City Investment Fund recapitalize 485 Lexington Ave. to the tune of $390 million. The firm also completes a 165,183-sf lease expansion and renewal at 1372 Broadway with Ross Stores.

By Barbara Jarvie | Updated on January 24, 2006

(To read more on the debt and equity markets, click here.)

NEW YORK CITY-SL Green Realty Corp. and the City Investment Fund LP have obtained a $390-million three-year loan on 485 Lexington Ave. The joint venture acquired the 921,000-sf midtown site from TIAA-CREF in July 2004 for $225 million. SL Green also completed a 10-year lease expansion and renewal agreement at 1372 Broadway.

Since the acquisition, the building has been repositioned and rebranded as “Grand Central Square”, along with 750 Third Ave., its neighboring property which is owned 100% by SL Green. In October 2005, Citibank NA signed on for 296,756 sf at 485 Lexington. After that, St. Paul Travelers took 210,609 sf with and Fairchild Publications Inc. committed to 52,573 sf.

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