NEW YORK CITY—In advance of its 2015 Analyst Day presentation and amid published reports that it's on the verge of acquiring New York REIT Inc., SL Green Realty Corp. on Monday announced a flurry of sales and leasing transactions. Leading the way was the REIT's consolidation of ownership in 600 Lexington Ave., an office property it acquired in a partnership with Canada Pension Plan Investment Board in May 2010.

SL Green is acquiring CPPIB's 45% indirect stake in the 36-story, 303,500 square foot tower in a deal that values the consolidated ownership at $284 million, or $936 per square foot. Under SL Green's management and leasing, occupancy at 600 Lexington has reached 95%.

Although the REIT is buying out its joint venture partner of the past five and a half years, both SL Green and CPPIB say they intend to partner on future investment opportunities. The deal is expected to close before the end of 2015, subject to customary closing conditions.

Simultaneous with announcing its acquisition at 600 Lexington, SL Green also announced a disposition. The company has sold its 90% stake in the residential condominium at 248-252 Bedford Ave., a 72-unit multifamily building located in Brooklyn's Williamsburg neighborhood and owned in partnership with Magnum Real Estate Group, at a gross asset valuation of $55 million, or $1,242 per square foot.

SL Green acquired its interest in the newly constructed 44,279 square foot rental property, along with 12 townhomes, for $54.9 million in March 2012. The company has since sold off the 12 townhomes for gross sales prices totaling $25.5 million; it's retaining ownership of 51,470 square feet of street-level retail space at 248-252 Bedford.

"The execution of this investment with our partner Ben Shaoul, from distressed acquisition to the sale of the townhomes and lease-up and sale of the multifamily residential units, enables us to realize a rapid, substantial profit while retaining a foothold in the building's valuable retail component, at a time when Williamsburg street retail continues to gain popularity," says Brett Herschenfeld, SL Green managing director.

In the leasing realm, SL Green on Monday announced a new lease agreement with Giorgio Armani Corp. that will allow Armani to remain in its flagship retail space at 760 Madison Ave. at rental rates reflecting today's market.  "While we were initially attracted to the development potential of 760 Madison, our ability to work with Giorgio Armani to achieve immediate market rental rates for an asset of this quality compelled us to enter into this flagship lease opportunity." SL Green acquired the master lease on 760 Madison in 2011 and the land underneath it in 2014.

Also on Monday, the company announced a new full-building, 49-year net lease at 562 Fifth Ave. The lease contains a property purchase option for $100 million with annual escalations in the purchase price after the third year.  "This lease, along with our recently announced sales of 570 and 574 Fifth Ave., caps off yet another successful Fifth Avenue retail investment," says Herschenfeld.