SL Green Realty Corp. said Wednesday it bought the first mortgage loan secured by property at 510 Madison Ave in New York from Union Labor Life Insurance Co.
The new building on the corner of Madison Avenue and 53rd Street has 345,100 rentable square feet of office space.
SL Green has been seeking structured finance opportunities, CEO Marc Holliday said in a statement.
Terms were not immediately disclosed.
SL Green Realty, a real estate investment trust, owns interest in 29 New York City office properties totaling approximately 23.2 million square feet and has interests in retail and development properties.
SL Green shares rose 39 cents to close at $46.98. They fell 28 cents in after-market trading.