NEW YORK–(BUSINESS WIRE)–
SL Green Realty Corp. (NYSE:SLG), New York City’s largest commercial
property owner, and Prudential Real Estate Investors, the real estate
investment management and advisory business of Prudential Financial,
Inc. (NYSE:PRU), today announced the formation of a joint venture for
the ownership of condominium units at Tower 46 (55 West 46th
Street). The units consist of 347,000 square feet with office space on
floors 2, 22-34 and retail space at grade on 46th Street.
SL Green announced its acquisition of the newly constructed Class A
asset for $295 million in September 2014 and completed that transaction
in October 2014. A fund managed by PREI on behalf of institutional
investors now owns a 75 percent stake under the terms of the new joint
venture announced today, with SL Green keeping 25 percent ownership and
retaining management and leasing responsibilities.
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 co-Chief Investment Officer Isaac Zion commented, “Prudential,
our longtime partner at 100 Park Avenue, shared our vision for this
prime Midtown asset. We are delighted to be partnering with them once
again and look forward to creating value together.”
“We believe that Tower 46 is an excellent investment on behalf of our
clients thanks to its modern architecture and amenities, efficient
floorplates and central location in midtown Manhattan,” said Kevin R.
Smith, head of PREI Americas. “We look forward to expanding and
strengthening our relationship with SL Green through this joint venture.”
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: https://slgreen.com/
About Prudential Real Estate Investors
Prudential Real Estate Investors is the global real estate investment
business of Prudential Financial, Inc. (NYSE: PRU). Investing in real
estate on behalf of institutional clients since 1970, PREI today has
more than 650 employees located in 20 cities around the world, and gross
assets under management of $59.3 billion ($43.7 billion net) as of June
30, 2014. PREI offers to its global client base a broad range of
real estate investment vehicles across the risk-return spectrum and
geographies, including core, core plus, value-add, opportunistic, debt,
securities, and specialized investment strategies. For more
information, visit www.prei.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-JV
SL Green
Andrew Mathias
President
or
Matt DiLiberto,
212-594-2700
Chief Accounting Officer & Treasurer
or
Prudential
Real Estate Investors
Theresa Miller, 973-802-7455
or
John
Chartier, 973-289-1244
Source: SL Green Realty Corp.
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