NEW YORK--(BUSINESS WIRE)--Mar. 28, 2019--
A joint venture between SL Green Realty Corp. (NYSE: SLG), New York
City’s largest office landlord, and an institutional investment partner,
entered into an agreement today to sell 521 Fifth Avenue to Savanna, a
New York City based real estate investment manager, owner/operator, and
developer. The 39-story, 460,000-square-foot Midtown Manhattan office
building will be sold for a gross sales price of $381 million. This
transaction is expected to close in the second quarter of 2019, subject
to customary closing conditions.
The sale is expected to generate net cash proceeds to SL Green of
approximately $100 million. SL Green owns a 50.5% interest in the joint
venture.
SL Green's Co-Chief Investment Officer, Isaac Zion, commented, "This
transaction demonstrates the strong demand for quality assets in East
Midtown, Manhattan’s preeminent business district.” He continued, “We
saw incredible interest in this property from numerous investors.”
SL Green acquired the leasehold interest in the property in March 2006
and subsequently took ownership of the fee interest in April 2011 before
entering into a joint venture with an institutional investment
partner in the fourth quarter of 2012.
Darcy Stacom and Bill Shanahan of CBRE represented the sellers 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 December 31, 2018, SL
Green held interests in 101 Manhattan buildings totaling 46.0 million
square feet. This included ownership interests in 27.8 million square
feet of Manhattan buildings and 18.2 million square feet of buildings
securing debt and preferred equity investments. In addition, SL Green
held ownership interests in 7 suburban properties comprised of 15
suburban buildings totaling 2.3 million square feet in Brooklyn,
Westchester County, and Connecticut
About Savanna
Savanna, formed in 1992, is a vertically-integrated real estate
investment manager based in New York City and focused on strategic
property investments throughout the City’s five boroughs. The firm, led
by Managing Partners Christopher Schlank and Nicholas Bienstock, pursues
real estate equity and debt asset investments, including ground-up
development and major repositioning projects. Savanna’s equity
investments target value add/opportunistic returns by adding value
through asset management and/or property development, redevelopment, and
repositioning, deploying a team of more than 35 experienced investment,
asset management, construction, and leasing professionals.
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: https://www.businesswire.com/news/home/20190328005519/en/
Source: SL Green Realty Corp.
SL Green Realty Corp.
slgreen@berlinrosen.com
646.452.5637
Matt
DiLiberto
Chief Financial Officer
212.594.2700
