NEW YORK--(BUSINESS WIRE)--
SL Green Realty Corp. (NYSE:SLG), an S&P 500 company and New York City's
largest commercial property owner, today announced the acquisition of
two mixed-use properties located at 187 Broadway and 5-7 Dey Street for
$63.7 million. The transaction was completed off-market, directly with
the seller.
Located adjacent to the entrance to Downtown Manhattan's new Fulton
Transit Center and one block east of the World Trade Center, the site
consists of two mixed-use, retail/office buildings in a neighborhood
that has undergone rapid growth in the office, residential and retail
segments.
The properties sit directly across from 180 Broadway, a dormitory and
retail asset that SL Green successfully developed from ground-up and,
subsequently, sold in the third quarter of 2014.
SL Green Managing Director Brett Herschenfeld commented, "This
transaction perfectly illustrates how SL Green seeks to use its size,
market expertise, proprietary OP Unit currency and industry
relationships to identify and take advantage of compelling, well-located
acquisition opportunities. 187 Broadway and 5-7 Dey Street are situated
adjacent to the Fulton Transit Center, which is serving as the fulcrum
of the continuing revitalization of Downtown Manhattan and we are
excited to once again create value in the corridor."
The transaction is expected to close in the third quarter of 2015,
subject to customary closing conditions. Carl Schwartz and Matt Scoville
of Hunton & Williams represented the seller. Peter Fisch and Vincent
Asaro of Paul, Weiss, Rifkind, Wharton & Garrison LLP represented the
buyer.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and 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 March 31, 2015, SL Green
held interests in 117 Manhattan buildings totaling 43.6 million square
feet. This included ownership interests in 29.0 million square feet of
commercial buildings and debt and preferred equity investments secured
by 14.6 million square feet of buildings. In addition to its Manhattan
investments, SL Green held ownership interests in 37 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-A&D
View source version on businesswire.com: http://www.businesswire.com/news/home/20150721005901/en/
SL Green Realty Corp.
Andrew Mathias
President
-or-
Matt
DiLiberto
Chief Financial Officer
212.594.2700
Source: SL Green Realty Corp.
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