Becomes Majority Owner
NEW YORK--(BUSINESS WIRE)--
SL Green Realty Corp. (NYSE:SLG), New York City's largest commercial
property owner, today announced that it has acquired additional
ownership interests in the 674,000-square-foot office condominium at
1745 Broadway, which is leased entirely to Random House.
SL Green, which originally acquired a 32.26 percent stake in the
property in 2007, will increase its ownership percentage to 56.88
percent as a result of the transactions. The majority of the interests,
consisting of general partnership and limited partnership interests,
were purchased from The Witkoff Group in exchange for SL Green Operating
Partnership units. By acquiring these interests the Company has
consolidated management of the property.
David Schonbraun, SL Green's Co-Chief Investment Officer, said, "We are
pleased to assume majority ownership of this Class A asset through this
series of transactions, which we believe illustrates SL Green's ability
to collaborate effectively with our partners to achieve all parties'
objectives. We believe this series of transactions once again
demonstrates our ability to use our joint venture platform to create
proprietary off market acquisition opportunities for SL Green, while
allowing our partners to monetize their positions without incurring
meaningful transaction costs."
Completed in 2003, 1745 Broadway is a 50-story building conveniently
located between 55th and 56th streets along New
York's most famous thoroughfare. Designed by Skidmore, Owings & Merrill,
the building features state-of-the-art infrastructure, efficient
column-free floor plates, sweeping river views and it is LEED-EB
certified.
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 September 30, 2014, SL Green held interests
in 96 Manhattan buildings totaling 44.1 million square feet. This
included ownership interests in 28.0 million square feet of commercial
buildings and debt and preferred equity investments secured by 16.1
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. For more information, please visit: http://slgreen.com/
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-ACQ
SL Green Realty Corp.
Andrew Mathias
President
or
Matt
DiLiberto
Chief Accounting Officer & Treasurer
212-594-2700
Source: SL Green Realty Corp.
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