SL Green Realty buys 11 Madison Ave for US$2.29b
Deal is biggest for a single building in Manhattan since 2008
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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 and CIM Group. The 29-storey, 2.3 million sq ft property is between 24th and 25th Streets in the Flatiron section of midtown south, overlooking Madison Square Park. The real estate investment trust (Reit) will also pay about US$300 million in costs tied to lease-stipulated improvements at the tower.
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