SITQ Immobilier, the commercial real estate subsidiary of Caisse de Depot et Placement du Quebec, purchased a 45% interest in SL Green Realtys One Park Avenue office property in Manhattan. SITQ, which has $4.5 billion in office and industrial assets, will fund the purchase with cash, said Denis Epoh, director of investments at SITQ. Caisse has total assets of $81.3 billion.
SITQ paid $105.3 million for its 45% stake in the property, which yields annual proceeds of around $41 million. SL Green plans to use the proceeds to invest in new high-growth opportunities.