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
46th 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 46th street and
the building’s parking garage and fitness center. As part of the
agreement, the seller has the option to include the 2nd 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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