SL Green Realty and billionaire developer Jeff Sutton, have sold their Pace University dormitory high-rise at 180 Broadway for $222.5 million. The deal includes all their interests, including their fee position and retail condominium unit. SL Green owns the dormitory portion while Sutton owns the retail. the buyer was not immediately disclosed.

180 Broadway180 Broadway is a 24-story mixed-use property located in downtown Manhattan adjacent to the Fulton Street transit hub. SL Green and Sutton developed the building from the ground up for Pace University. It was completed in 2013. The property features three floors of retail space, leased to Urban Outfitters and TD Bank, as well as Pace’s ground lease condominium unit containing dormitory rooms serving the needs of up to 608 Pace University students.

Adam Spies of Eastdil Secured acted on behalf of SL Green in this transaction is expected to close during the third quarter of 2014.

SL Green is developing another high-rise dormitory for Pace at 33 Beekman Street. The 34-story Gene Kaufman-designed residence hall, which will accommodate about 600 beds, is being developed in partnership with The Naftali Group and is expected to be completed in 2015.

In addition to the 180 Broadway transaction, SL Green announced two other deals today. The company closed on the sale of some development properties at 985–987 Third Avenue for $68.7 million, and has agreed to sell their leased fee interest in 2 Herald Square for $365 million. The sale of the leased fee interest, which is improved with an existing 11-story 365,000 square foot commercial office building, is expected to close during the fourth quarter of 2014.

Andrew Mathias, President of SL Green, said in a statement, “While the strategic approach for each of these investments varied, we had one goal in mind: creating shareholder value. I am very pleased to say that with each of these transactions, we’ve successfully demonstrated our ability to identify, create, and harvest significant value. Our combined IRR across these three deals is in excess of 21%.”