NEW YORK--(BUSINESS WIRE)--
SL Green Realty Corp. (NYSE: SLG), New York City's largest commercial
landlord, today announced an agreement to sell 16 Court Street, a
317,600 square foot office building in Brooklyn, NY, for a gross sale
price of $171.0 million to CIM Group, a full service real estate
and infrastructure fund manager. This transaction is expected to close
during the fourth quarter of 2017, subject to customary closing
conditions. The sale will generate net cash proceeds of approximately
$164.0 million.
SL Green acquired the 36-story office building in 2007 for $107.5
million through a joint venture, and subsequently took full ownership in
2013. SL Green implemented a strategic repositioning plan that included
a lobby renovation and elevator upgrade, among other improvements
designed to attract new tenants and enhance the building's profile.
Occupancy in the building is currently 94%.
SL Green Co-Chief Investment Officer Isaac Zion commented, "This
transaction underscores SL Green's strong track record of identifying
and unlocking value in New York City office buildings. We foresaw the
demand for revitalized office product in downtown Brooklyn and are very
pleased with the successful execution of our business plan."
Darcy Stacom of CBRE represented SL Green in this transaction.
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 June 30, 2017, the
Company held interests in 119 Manhattan buildings totaling 47.4 million
square feet. This included ownership interests in 27.5 million square
feet of Manhattan buildings and debt and preferred equity investments
secured by 19.9 million square feet of buildings. In addition, the
Company held ownership interests in 29 suburban buildings totaling 4.6
million square feet in Brooklyn, Long Island, Westchester County,
Connecticut and New Jersey. To be added to the Company's distribution
list or to obtain the latest news releases and other Company
information, please visit our website at www.slgreen.com or
contact Investor Relations at (212) 594-2700.
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/20170810005272/en/
Isaac Zion
Co-Chief Investment Officer
SL Green Realty Corp.
(212)
594-2700
Source: SL Green Realty Corp.
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