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SL Green Realty buys 11 Madison Ave for US$2.29b

Deal is biggest for a single building in Manhattan since 2008

Commercial real estate values in New York are surging as foreign and domestic buyers pour cash into high-profile assets in a wager on the city's economic stability.

New York

SL Green Realty Corp agreed to buy 11 Madison Avenue, the Manhattan tower that houses Credit Suisse Group AG's US headquarters, for US$2.29 billion in one of the biggest real estate transactions ever in New York City.

The seller is a partnership of the Sapir Organization