SL Green Realty Corp. and Gramercy Capital Corp. agreed that SL Green will purchase investments from Gramercy for a $390.8 million aggregate price, including the assumption of $265.6 million in debt.

The transactions, which are expected to close in the next 90 days, are subject to certain conditions. The deals include acquisitions by SL Green of 45% joint venture interest in the leased fee of 885 Third Avenue, New York, NY for roughly $39.3 million, including pro rations, plus an assumed mortgage debt of $120.4 million. This property is also known as the Lipstick Building.

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