Press Release Details
SL Green & Vornado Form Joint Venture to Hold $400 Million of Debt on 280 Park Avenue
New York, NY - March 16, 2011 - SL Green Realty Corp. (NYSE: SLG) and Vornado Realty Trust (NYSE: VNO) have contributed their respective debt positions in the office building located at 280 Park Avenue to a newly formed 50/50 joint venture. The total contributed indebtedness amounts to $400 million. In order to true-up the respective positions, Vornado paid SL Green $111 million and assumed $15 million of SL Green's debt applicable to its position.
280 Park Avenue, a 1.237 million square foot, Class A office property, is comprised of two office towers on Park Avenue between 48th and 49th Streets.
FOR SL GREEN CONTACT :
Andrew Mathias
President
-or-
Heidi Gillette
Director, Investor Relations
SL Green Realty Corp.
(212) 594.2700
FOR VORNADO CONTACT:
Joseph Macnow
EVP Finance & Administration, CFO
Vornado Realty Trust
(201) 587-1000