NEW YORK--(BUSINESS WIRE)--
SL Green Realty Corp. (NYSE:SLG), an S&P 500 company and New York City's
largest commercial property owner, today announced a definitive
agreement to acquire a 90% interest based on a gross asset valuation of
$255 million, in The SoHo Building. The acquisition of this iconic,
mixed-use property, which came about as a result of a long-standing
relationship with the seller, will increase the company's considerable
presence in SoHo.
Located at 110 Greene Street in the heart of SoHo, one of New York
City's most desirable submarkets, the building offers office and
residential tenants unparalleled views, along with large floor plates
and substantial common areas. The property features 13 stories,
irreplaceable as one of the tallest buildings in the historic district.
Retail space at the building, along Greene and Mercer Streets, offers
existing and future tenants high visibility on two of the strongest
retail streets in Manhattan. Notwithstanding the building's current
prominence in the submarket, SL Green plans additional improvements to
the property as it reintroduces it to the marketplace.
The transaction increases SL Green's sizable footprint in SoHo, adding
the submarket's best office space to the Company's commercial portfolio,
and extending its substantial retail presence that currently includes
102 Greene Street, 121 Greene Street, 115 Spring Street, 131-137 Spring
Street and 530-536 Broadway. The SoHo portfolio complements SL Green's
major retail investment interests in other heavily-trafficked New York
City locations, including Midtown's Fifth Avenue Gold Coast, Upper
Madison Avenue and Times Square.
SL Green Managing Director, Brett Herschenfeld, commented, "This
transaction presents SL Green with a unique opportunity to acquire and
further enhance the property into one of the most compelling multi-use
assets in Downtown New York. The property is truly fitting of its iconic
name."
The property is being sold by a joint venture controlled by the family
of the late legendary real estate entrepreneur Tony Goldman, a pioneer
in the transformation of SoHo into the world renowned area that it is
today. Janet Goldman commented, "Tony was a brilliant real estate
developer with the ability to revolutionize markets. We are excited to
see SL Green utilize its expertise to further realize Tony's vision for
this world-class asset."
The transaction is expected to close in the third quarter of 2015,
subject to customary closing conditions.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York City's largest
office landlord, is a fully integrated real estate investment trust, or
REIT, that is focused primarily on acquiring, managing and maximizing
value of Manhattan commercial properties. As of March 31, 2015, SL Green
held interests in 117 Manhattan buildings totaling 43.6 million square
feet. This included ownership interests in 29.0 million square feet of
commercial buildings and debt and preferred equity investments secured
by 14.6 million square feet of buildings. In addition to its Manhattan
investments, SL Green held ownership interests in 37 suburban buildings
totaling 5.9 million square feet in Brooklyn, Long Island, Westchester
County, Connecticut and New Jersey. For more information, please visit: http://slgreen.com/
Forward-looking Statement
This press release includes certain statements that may be deemed to
be "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and are intended to be covered
by the safe harbor provisions thereof. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that we expect, believe or
anticipate will or may occur in the future, are forward-looking
statements. Forward-looking statements are not guarantees of future
performance and we caution you not to place undue reliance on such
statements. Forward-looking statements are generally identifiable by the
use of the words "may," "will," "should," "expect," "anticipate,"
"estimate," "believe," "intend," "project," "continue," or the negative
of these words, or other similar words or terms.
Forward-looking statements contained in this press release are
subject to a number of risks and uncertainties, many of which are beyond
our control, that may cause our actual results, performance or
achievements to be materially different from future results, performance
or achievements expressed or implied by forward-looking statements made
by us. Factors and risks to our business that could cause actual results
to differ from those contained in the forward-looking statements are
described in our filings with the Securities and Exchange Commission. We
undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of future events, new information or
otherwise.
SLG - A&D
View source version on businesswire.com: http://www.businesswire.com/news/home/20150721005898/en/
SL Green Realty Corp.
Andrew Mathias
President
or
Matt
DiLiberto
Chief Financial Officer
212-594-2700
Source: SL Green Realty Corp.
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