NEW YORK--(BUSINESS WIRE)--
SL Green Realty Corp. (NYSE:SLG), New York City's largest commercial
property owner, today announced an agreement to sell 600 Lexington
Avenue, a 36-story, 303,515 square foot Midtown Manhattan office
building, for a gross sales price of $305.0 million, or $1,005 per
square foot. This transaction is expected to close by the first quarter
of 2018, subject to customary closing conditions.
The sale is expected to generate net cash proceeds of approximately $292
million.
SL Green's Co-Chief Investment Officer, Isaac Zion, commented, "The sale
of 600 Lexington represents the culmination of a strategic approach that
started with a distinct business plan to make targeted capital
improvements in order to increase occupancy and improve the rent profile
of the building, and now ends with the opportunity to redeploy the net
proceeds we've generated into other investment prospects." He continues,
"This transaction not only completes an exceptional investment for us,
it further demonstrates continued investor demand for East Midtown
assets."
SL Green acquired the property in May 2010 for $193 million, through a
joint venture, and subsequently took full ownership of the property in
December 2015. The property is currently 99% leased.
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 September 30, 2017, SL
Green held interests in 118 Manhattan buildings totaling 47.8 million
square feet. This included ownership interests in 27.5 million square
feet of Manhattan buildings and debt and preferred equity investments
secured by 20.3 million square feet of buildings. In addition, SL Green
held ownership interests in 27 suburban buildings totaling 4.3 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/20171116006242/en/
Investors:
Matt DiLiberto
Chief Financial Officer
SL
Green Realty Corp.
212-594-2700
or
Press:
Jeremy
Soffin
jeremy@berlinrosen.com
646-452-5637
Source: SL Green Realty Corp.
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