NEW YORK--(BUSINESS WIRE)--Jun. 4, 2018--
SL Green Realty Corp. (NYSE:SLG), New York City’s largest office
landlord, today announced that it has entered into a contract to sell
substantially all of its ownership interest in 724 Fifth Avenue to its
joint venture partner, Jeff Sutton. In addition, SL Green will be
redeemed on its investment in 720 Fifth Avenue, and partially repaid on
another partnership loan. SL Green expects to receive net proceeds of
approximately $85.5 million from the transactions. The transactions are
expected to close in the third quarter of 2018, subject to customary
“These transactions are emblematic of our continued efforts to increase
shareholder value by capitalizing on strategic acquisitions and
dispositions. We are pleased to have owned these assets in another
successful partnership with Jeff Sutton,” said Andrew Mathias, President
of SL Green.
The boutique office and gallery building at 724 Fifth Avenue is home to
Prada’s flagship location, which occupies 15,540 square feet of retail
space across four floors and another 5,200 square feet of office space
on an additional floor.
720 Fifth Avenue is a 132,317-square-foot building. The property is home
to the Abercrombie & Fitch flagship location.
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, 2018, SL Green
held interests in 118 Manhattan buildings totaling 49.9 million square
feet. This included ownership interests in 28.7 million square feet of
Manhattan buildings and debt and preferred equity investments secured by
21.2 million square feet of buildings. In addition, SL Green held
ownership interests in 25 suburban buildings totaling 3.7 million square
feet in Brooklyn, Long Island, Westchester County, and Connecticut.
About Jeff Sutton
Jeff Sutton is the Founder and President of Wharton Properties, a
commercial real estate company. Over the past 25 years, Jeff has amassed
over 120 properties in prime locations throughout New York City. Jeff's
most notable acquisitions include his purchase of The Crown Building at
730 Fifth Avenue (Bulgari, Piaget, Mikimoto, Zegna), Prada at 724 Fifth
Avenue, Abercrombie at 720 Fifth Avenue, Armani and Dolce & Gabbana at
717 Fifth Avenue, Nike at 650 Fifth Avenue, American Girl at 609 Fifth
Avenue, American Eagle at 1551 Broadway and Express at 1552 Broadway in
Times Square, Givenchy and Alexander McQueen at 747 Madison Avenue.
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
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Source: SL Green Realty Corp.
Chief Financial Officer
Green Realty Corp.