MELVILLE, N.Y., Aug. 3 (UPI) -- SL Green Realty Corp., a Manhattan real estate investment trust, will spend $6 billion to purchase Reckson Associates Realty Corp.
The cash-and-stock deal, which includes about $2 billion in debt assumption, entails SL Green selling Reckson's Long Island, Westchester and New Jersey properties to an investment group led by Scott Rechler, Reckson's chief executive, for $2.1 billion, Long Island Business News reported Thursday.
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Rechler's investment group also includes Marathon Asset Management, a New York equity firm.