SL Green Realty Corp., Manhattan's biggest office-building owner, is selling about half its stake in an office tower at 485 Lexington Ave. in a deal that values the property at roughly $504.2 million.

A joint venture between Optibase Ltd. of Herzliya, Israel, and Gilmor USA LLC is to buy a stake of 49.5% in the 921,000-square-foot tower near Grand Central Terminal, SL Green said Monday. The venture would pay $40.8 million for the stake, including a $20 million loan to SL Green.

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