SL Green and Prudential Real Estate Investors Form JV for Ownership of Midtown Office Tower Condominium Units


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:

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

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statements, whether as a result of future events, new information or



SL Green
Andrew Mathias
Matt DiLiberto,

Chief Accounting Officer & Treasurer

Real Estate Investors
Theresa Miller, 973-802-7455

Chartier, 973-289-1244

Source: SL Green Realty Corp.

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