Outside of Manhattan, SL Green has purchased 1 and 2 Jericho Plaza in Long Island for $210 million. Onyx Equities partnered with SL Green in the $328-per-sf acquisition. The two buildings total 640,000 sf of class A office space on 49 acres. One Jericho Plaza is 97% occupied while 2 Jericho Plaza has no available space. Major tenants in the complex include Deloitte and Touche, IBM, Merrill Lynch, JP Morgan and Morgan Stanley.

"Onyx and SL Green pre-emptively acquired 1 and 2 Jericho Plaza in an off-market transaction based on its premier location, superior credit tenancies, top-tier amenities and highly efficient building operations," Mathias says. "The addition of these assets to our opportunistic holdings is an important value-add investment which we believe will be further enhanced via our strategic joint venture partnership. After our wildly successful resolution of our One Park joint venture with Credit Suisse, we are excited to partner with them yet again in Long Island."

SL Green has sold 292 Madison Ave. for $140 million or $725 per sf, to an unnamed entity. The 193,000-sf, 26-story office building is 100% leased. SL Green purchased the building in 1999 for $51.1 million and has invested about $9 million in improvements over the years. "This is yet another textbook example of value creation by SL Green's team, from the off-market acquisition to the repositioning of the assets and above-market rents and occupancy levels achieved in our power zone--the Grand Central submarket," says Isaac Zion, managing director.

Also in its recent dispositions, the company has sold 110 East 42nd St. for $111.5 million to an unidentified buyer. The $611-per-sf selling price does not include the 112,000 sf of developable air rights. The 183,000-sf facility, which houses Cipriani in its base, was originally purchased in 1997 for $30 million. In June 2001, Cipriani paid $14.5 million for the bank, annex and commercial units. In the last six years SL Green has invested $9 million in the 99% occupied 18-story building.

"The divestment of select assets and redeployment of the capital generated from such sales, preferably via a 1031 tax-free exchange, into well located properties with potential for additional value-added upside has always and will continue to be a core corporate strategy which creates value and fosters long term growth," Mathias says.

In the final recent deal closed by SL Green, the company has recapitalized 1604 Broadway for $27 million. SL Green in conjunction with Onyx Equities and Jeff Sutton bought the leasehold interest in the facility in November 2005 and then worked to reposition and lease the 41,100-sf retail property. The mortgage will mature in April 2010 and has an interest rate of 5.7%.

"Our ability to access quality financing with highly favorable terms is a direct result of the venture's ability to reposition the asset and attract premier tenants via strategic marketing efforts," Mathias says. "In just over one year of owning 1604 Broadway, we have more than quadrupled the value of the asset."

SL Green executives will hold a Q1 financial results conference call later this after, after which GlobeSt.com will update the story.