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SL Green agrees to acquire Manhattan, NY, office building

SL Green Realty Corp. agreed to acquire the 603 W. 50th St. office building in Manhattan, N.Y., from an undisclosed seller.

The six-story, 160,000-square-foot office property is currently occupied by KCP Holdco Inc., which is an affiliate of the seller.

KCP Holdco will lease back roughly 40,000-square-feet at the property for its headquarters.

SL Green plans a full-building repositioning to elevate the property's profile through infrastructure upgrades.

The office real estate investment trust will partially fund the acquisition with proceeds from the sale of 1010 Washington Blvd. in Stamford, Conn.

The transaction is expected to close within the next 90 days, subject to customary closing conditions.