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$148M Throws One Mad Ave. Deed to SLG

NEW YORK CITY-SL Green takes full ownership at One Madison Ave. in a deal with Gramercy Capital. Both firms also reconfigured their debt structures.

By Natalie Dolce | Updated on July 02, 2007

NEW YORK CITY-Gramercy Capital Corp., locally based commercial real estate specialty finance company, sells its 45% equity interest in the joint venture that owns One Madison Ave. to SL Green Realty Corp., a locally based REIT, for approximately $147.6 million. After closing, SL Green will own 100% of the property. The sale will produce approximately $92 million for Gramercy.

SL Green and Gramercy together formed a joint venture in May 2005 to acquire the 1.2-million-sf, 14-story office building, was originally constructed by MetLife as its headquarters. The building is 96% leased to Credit Suisse through 2020.

One Madison Ave. is adjacent to Five Madison Ave., better known as the Clock Tower, which was recently sold to Africa Israel by an SL Green joint venture. The two buildings are situated on approximately 1.93 acres overlooking Madison Square Park, occupying an entire city block between Madison Avenue and Park Avenue South between 23rd and 24th streets.

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