SITQ Immobilier, a wholly owned subsidiary of Caisse de dépôt et placement du Québec (CDP), completed the acquisition of a 45 per cent interest in One Park Avenue, a Manhattan office building, from SL-Green Realty Corp. for US$41 million. SITQ Immobilier is a real estate investment, management and development firm. The transaction values the 950,000 square-foot property at approximately US$234 million.
Davies Ward Phillips & Vineberg LLP represented SITQ Immobilier on the transaction with a team that consisted of Robert Abrams and Joseph Jarjour (Montreal), Steven Levin, Marc Berger, James Guadiana and Alexei Mostovoi (New York) and Claude Molleur, in-house counsel of SITQ. Howard Shapiro, Craig Solomon, Brian Kahn and Nicole Fenton of Solomon & Weinberg LLP acted for SL-Green Realty Corp.
SITQ National Inc., a subsidiary of SITQ Immobilier, also sold 5001 Yonge Street in Toronto to Toronto–5001 Yonge Street Inc. for $77 million on June 29, 2001. Fraser Milner Casgrain LLP’s Paul Ginou and Andrew Salem acted for SITQ. The purchaser was represented by sole practitioner Larry Zimmerman. Mark Brennan, Susan Redmayne and Pamela Horton of Donahue Ernst & Young LLP acted for CDP Mortgages, which provided financing to the purchaser.