SL Green Buys Canadian Pension Plan's Stake in 600 Lexington Ave

SL Green Realty Corp., New York city’s largest commercial property owner, is buying a 45 percent indirect stake in 600 Lexington Avenue for $284 million.

SL Green agreed to acquire the holding from Canada Pension Plan Investment Board, its venture partner in the property since May 2010, according to a statement on Monday. Occupancy at the building is currently 95 percent, according to SL Green.

“600 Lexington Avenue is one of our premier boutique office assets, located in the heart of Midtown, and is primed for continued superior performance in the marketplace,” SL Green Co-Chief Investment Officer Isaac Zion said in the statement.

Towers such as 600 Lexington Avenue are drawing buyers as values for New York City real estate surge amid a flood of capital from international and domestic investors. SL Green is close to an agreement to acquire New York REIT Inc., a person with knowledge of the negotiations said Friday.

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