West 44th St. building 'right fit' for SL Green.

SL Green Realty Corp. announced last week that it will close on a $67M deal this month to buy 19 W. 44th St. from EBS Forty Fourth Property Associates LLC.

SL Green already has a $7 million preferred equity investment in the property, which will be redeemed at closing.

The deal for the 292,000 s/f structure does not include additional consideration for up to $2 million based on the property's performance, SL Green announced in a news release.

The building, which lies between Fifth and Sixth avenues and near Grand Central Station, bears a 14 percent vacancy rate, according to Andrew Mathias, SL Green's chief investment officer.

"We intend to continue leasing up that vacancy as part of our normal ownership program," Mathias said.

Mathias said the new building fit right into SL Green's goal of acquiring quality Class A midtown properties.

"It's a terrific asset in Grand Central, so it fits right into our strategy," Mathias said.

The company's president and CEO, Marc Holliday, expressed similar sentiments.

"The acquisition of 19 West 44th Street in a privately negotiated transaction is another example of our ability to source acquisitions through our structured finance program," Holliday said.

"This transaction evidences our commitment to pursue properties where we can enhance value over time with our management, leasing and redevelopment expertise."

The building has recently undergone an extensive capital renovation project under its soon-to-be former owners, Mathias said, rehabilitating the lobby and all the building's utility systems.