SL Green (SLG) - Get Report said it has no intention of raising its bid for Reckson Associates (RA) - Get Report to match a competing offer, giving Carl Icahn and Macklowe Properties the upper hand in the pursuit to take over the company.

SL Green agreed to purchase Reckson this summer with a cash and stock offer currently valued at $45.89 a share, according to a calculation based off Wednesday's closing price by Bank of America analyst Ross Nussbaum. Earlier this month, Icahn and his partner swooped in with a $49-a-share proposal.

This week,

Mack-Cali

(CLI) - Get Report

decided to partner with Icahn and Macklowe. The company will contribute at least $300 million to the deal, according an SL Green

Securities and Exchange Commission

filing late Wednesday.

Reckson owns a portfolio of desirable office properties in New York City and nearby suburbs. The Icahn/Macklowe partnership is expected to have delivered to Reckson's board a fully-funded offer by Thursday, according to Nussbaum. If the SL Green agreement is terminated, then SL Green will receive a breakup fee of $90 million fee.

If SL Green officially loses the deal, the real estate investment trust

could become a takeover target itself, buyside sources have said. After last week's news that

Equity Office Properties Trust

( EOP) is being bought out by the Blackstone Group, analysts have been busily adjusting their values of SL Green's prime Midtown office portfolio higher.

Several analysts in the past week have adjusted their price targets on the stock north of $150. SL Green shares recently were down $1.56, or 1.1%, to $135.25.

SL Green priced an offering of 3.7 million shares Thursday for a total of $498 million. The company plans to use the proceeds for the Reckson purchase, other acquisitions, or to pay down debt.