Some of the solutions to SL Green's intrinsic market pressures have been a recapitalization of some of its older assets, or the outright sale of others during the final quarter of the year. Together with Jeff Sutton 's Wharton Properties, SL Green closed the sale of the 115,000-square-foot retail portion of 717 Fifth Avenue for $963 million on Dec. 4. Holliday described the deal as "seismic news," and said the distribution to SL Green and Wharton Properties equated to $8,000 per square foot of the sales price. The firm's retail space at 21 East 66th Street sold for more than $40 million to the Swiss firm Akris in the fourth quarter as well. "Obviously, 717 Fifth Avenue wasn't an anomaly," said Holliday. "I have confidence in Fifth Avenue and [that] high street retail is once again on the rise." There was also SL Green's sale of 625 Madison Avenue, a 17-story office building, to Related for $633 million.