NEW YORK CITY-In its latest joint venture, SL Green Realty Corp. consolidated full ownership at 1515 Broadway in Times Square, buying out SITQ’s interest in the building. The company confirms value of its combined interests at $1.21 billion. A spokesperson for SL Green tells GlobeSt.com that SL Green previously carried a 68.45% share in the building--approximately $828.2 million--while SITQ held a 31.55% piece, or approximately $381.7 million, calculated based on percentages provided by SL Green.

While both parties would not comment on any other potential joint ventures in the works, SL Green President Andrew Mathias notes in a press statement that the company “looks forward to joining SITQ in making future investments,” describing the 1.75 million square foot, 54-story office skyscraper as one of their “premier assets” which they “expect to own for many years to come.”

SL Green’s joint venture with SITQ began in March 2002 when the REIT acquired the property for $480 million. Viacom International Inc. anchors the property and expanded their office space to 1.3 million square feet in November 2008. The building, home to MTV Studios and Best Buy Theater, as well as retailers like Aeropostale, Oakley and Billabong on the ground floor, recently underwent a $40 million redesign, including 5,000 square feet of custom art glass wrapping the core walls, new entrances, common corridors and bathrooms, SL Green says.