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Law Trio Steers SL Green's $2.5B NYC Tower Deal

With guidance from Greenberg Traurig LP, SL Green has inked a deal worth about $2.5 billion to purchase Manhattan high rise 11 Madison Avenue from the DLA Piper- and Sullivan Cromwell LLP-advised joint venture of The Sapir Organization and CIM Group, the companies announced Tuesday.

Per the definitive agreement, SL Green has agreed to pay $2.285 billion for the 29-story office tower, as well take on an additional $300 million in costs associated with improvements promised in existing leases. Details on how SL Green will be financing the deal, which is expected to close in the third quarter, were not disclosed.

“Eleven Madison Avenue is one of the best assets in New York City’s vibrant Midtown South submarket, with floor-plate sizes, amenities, and a robust infrastructure that are truly unique to the area. Occupying a full block across from Madison Square Park, the building has direct connectivity to One Madison Avenue, a 1.2 million square-foot building that is leased to Credit Suisse and also owned by SL Green,” Isaac Zion,  SL Green's co-chief investment officer, said in a statement.

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