NEW YORK--(BUSINESS WIRE)--
SL Green Realty Corp. (NYSE:SLG) and joint venture partner, The Moinian
Group, today announced an agreement to sell 180 Maiden Lane for $470
million. The buyer is a venture led by Murray Hill Properties and
Clarion Partners, a leading real estate investment manager. The sale is
expected to close during the fourth quarter of 2014, subject to
customary closing conditions.
SL Green and The Moinian Group formed the joint venture to recapitalize
and refinance 180 Maiden Lane in November, 2011. Along with taking a
49.9% ownership position in the joint venture, SL Green assumed
management and leasing responsibilities.
SL Green Co-Chief Investment Officer Isaac Zion commented, "We are very
pleased with the outcome of our investment in 180 Maiden Lane. It
represents the most recent example of what we believe is our unsurpassed
ability to find intrinsic value in an asset and to generate significant
returns for our shareholders, as evidenced by our internal rate of
return on the investment of approximately 16%. The monetization of our
equity in this transaction will allow us to redeploy capital into other
value-creating opportunities."
He continued, "We have a longstanding relationship with Joe Moinian and
the outcome at 180 Maiden Lane is just the latest example of our
continued success together."
Joseph Moinian, President and Chief Executive Officer of The Moinian
Group stated, "We are thrilled with the outcome at 180 Maiden Lane and
look forward to future opportunities with our excellent partners at SL
Green."
About SL Green Realty Corp.
SL Green Realty Corp., 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, 2014, SL Green held interests in
94 Manhattan buildings totaling 44.9 million square feet. This included
ownership interests in 28.0 million square feet of commercial buildings
and debt and preferred equity investments secured by 16.9 million square
feet of buildings. In addition to its Manhattan investments, SL Green
held ownership interests in 35 suburban buildings totaling 5.9 million
square feet in Brooklyn, Long Island, Westchester County, Connecticut
and New Jersey.
About The Moinian Group
Founded by Joseph Moinian, The
Moinian Group today owns and operates a diversified portfolio of
assets across the United States and is among the only national real
estate entities to develop, own and operate properties across every
asset category, including office, hotel, retail, condos and rental
apartments. The Moinian Group's holdings include high-profile assets in
America's leading cities, including New York, Chicago, Dallas and Los
Angeles. For the past three decades, The Moinian Group has been a
pioneer in the development of emerging areas of New York City such as
Downtown and West Side of Manhattan, developing commercial, residential
and mixed-use projects that combine luxury living, modern office space
and high quality retail. The Moinian Group maintains a reputation for
developing state-of-the-art, aesthetically distinguished properties as
the firm continues to strive for excellence.
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)
SL Green Realty Corp.
Andrew Mathias
President
or
Anna
Shlimak, 212-594-2700
Director, Investor Relations
Source: SL Green Realty Corp.
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