Press Release Details

NEW YORK--(BUSINESS WIRE)-- SL Green Realty Corp. (NYSE:SLG) announced that it has entered into an agreement to acquire commercial condominium units in the newly constructed Midtown Manhattan class-A office property located at 55 West 46^th Street for $275.0 million.

SL Green will acquire 319,000 square feet consisting of vacant office space on floors 22 - 34, a retail store on 46^th street and the building's parking garage and fitness center. As part of the agreement, the seller has the option to include the 2^nd floor in the transaction, which consists of 28,000 square feet, for an additional purchase price of $20.0 million. The transaction, which is subject to customary closing conditions, is expected to be completed before the end of 2014.

The visually-striking tower was designed by Skidmore Owings & Merrill and completed in 2013. The glass and steel structure provides highly efficient column free space and floor-to-ceiling windows on all office floors with sweeping views of the New York City skyline. The centrally located property includes on-site parking, a fitness center, and bike storage.

SL Green President Andrew Mathias said, "This is a magnificent asset in the heart of Midtown Manhattan. The acquisition demonstrates our strength in sourcing and executing off-market transactions. Being able to acquire the most valuable office space, only the tower floors, of a newly constructed office building at a price that is significantly below replacement cost is a rare opportunity."

He continued, "We believe this transaction will once again allow us to showcase two of our greatest strengths: SL Green's proven ability to lease office space and create value."

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.

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
Andrew Mathias, 212-594-2700
President
or
Anna Shlimak , 212-594-2700
Director, Investor Relations

Source: SL Green Realty Corp.

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