May 10, 2010 / 11:32 AM / 7 years ago

UPDATE 1-SL Green sells stakes in 2 Manhattan assets to CPPIB

* Total stakes valued at $663 mln

* CPPIB buys 45 pct stake in McGraw-Hill building

* JV for 45 pct in 600 Lexington Ave

* Properties valued at total of $1.45 bln

May 10 (Reuters) - SL Green Realty Corp (SLG.N) said it sold ownership interests in two commercial office properties in midtown Manhattan to Canada Pension Plan Investment Board (CPPIB) for $663 million.

CPPIB, which invests funds from the Canada Pension Plan, has acquired a 45 percent stake in 1221 Avenue of the Americas, or the McGraw-Hill building, for $576 million, including debt and working capital.

SL Green, which owns and manages Manhattan properties, said it has also formed a joint venture with CPPIB for the 45 percent stake it currently owns in 600 Lexington Avenue, for $87 million.

The properties are currently valued at over $1.45 billion. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Unnikrishnan Nair)

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