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SL Green Recaps 1250 Broadway

NEW YORK CITY-The company increases its share in the property to almost 68%. This is SL Green's third recapitalization with SITQ.

By Katie Hinderer | Updated on October 24, 2006

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

NEW YORK CITY-SL Green Realty Corp. has recapitalized 1250 Broadway due to the property’s jump in value. In 2001, when SL Green and SITQ, a subsidiary of the Caisse de depot et placement du Québec, formed a joint venture, the property was valued at $126.5 million. Now, the class A building, which sits on Broadway at 31 Street, is worth $260 million, according to the company’s release.

It is estimated that SL Green’s economic stake at 1250 Broadway increased from 55% to 67.5%.

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