Press Release Details
SL Green Realty Corp. Announces Acquisition Of 1010 Washington Boulevard In Stamford, Ct
New York, NY, June 5, 2007 - SL Green Realty Corp. (NYSE: SLG) today announced that, in an off market transaction, it has acquired 1010 Washington Boulevard in Stamford, Connecticut for $38 million, or $265 per square foot, from BPG Properties, Ltd.
The two-building office complex is conveniently situated across the street from 1055 Washington Boulevard, which SL Green acquired in January 2007 during the acquisition of Reckson Associates Realty Corp., and only blocks from the Stamford train station, Interstate 95 and the Stamford Town Center, amongst a multitude of downtown corporate offices.
The combined square footage of 1010 Washington Boulevard is approximately 143,400 square feet of which approximately 116,000 square feet is an 11-story tower. The remaining 23,000 square feet are linked to the tower via a stunning two-story atrium and a newly renovated lobby. The complex also features 4,300 square feet of storage and a 5-level parking garage.
Currently, 1010 Washington Boulevard is approximately 94% leased. Over half of the leases are scheduled to roll in the next five years - creating an ideal situation for SL Green to capitalize on the near term mark-to-market and the intense demand for office space in the high-barrier to entry Stamford market.
"Our eleven property portfolio represents more than 20% of the office market in Stamford," stated Andrew Mathias, President and Chief Investment Officer of SL Green Realty Corp. "Accordingly, we have put in place a strong suburban management platform and an intensive "hands-on" leasing strategy to help leverage our powerful position as one of Stamford's largest landlords and further drive rents."
Jacqueline-Pinyan-Durels, Vice President of GVA Williams, represented SL Green in the transaction.
About SL Green Realty Corp.
SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. The Company is the only publicly held REIT that specializes in this niche. As of March 31, 2007, the Company owned 32 New York City office properties totaling approximately 23.5 million square feet, making it New York's largest office landlord. In addition, SL Green holds investment interests in Manhattan retail properties totaling approximately 300,000 square feet at eight properties, along with ownership of 28 suburban assets totaling 4.7 million square feet in 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 212-216-1601.
About BPG Properties, Ltd.
BPG Properties, Ltd. is a private equity real estate fund manager based in the Philadelphia area. The firm's portfolio consists of over 20 million square feet of office, retail, student housing and industrial properties and more than 25,000 apartment units in over 100 communities located throughout the United States. For additional information on BPG, please visit www.bpgltd.com.
Forward-looking Information
This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include the strength of the commercial office real estate markets in New York, competitive market conditions, unanticipated administrative costs, timing of leasing income, general and local economic conditions, interest rates, capital market conditions, tenant bankruptcies and defaults, the availability and cost of comprehensive insurance, including coverage for terrorist acts, and other factors, which are beyond the Company's control. We undertake no obligation to publicly update or revise any of the forward-looking information. For further information, please refer to the Company's filing with the Securities and Exchange Commission.
CONTACT
Gregory Hughes
Chief Operating Officer & Chief Financial Officer
-or-
Heidi Gillette
Investor Relations
(212) 594-2700