SL Green and RXR Acquire JV Interest in New York REIT’s Worldwide Plaza


SL Green Realty Corp. (NYSE: SLG), New York City’s largest office

property owner, and private investment manager, RXR Realty, today

announced that they have signed an agreement to acquire a combined 48.7%

interest in Worldwide Plaza, a Class A, trophy asset located in Midtown

Manhattan. The interest is being sold by New York REIT (NYSE: NYRT),

which will continue to own the remaining equity with WWP Sponsor, LLC,

its existing partner. The transaction, which is expected to be completed

in the fourth quarter of 2017 subject to customary closing conditions,

values the asset at $1.725 billion.

Worldwide Plaza, developed in 1989, consists of a 49-story, 1.8

million-square-foot Class A office tower, a 252,000 retail building with

a parking garage, and a large open-air plaza. The property is part of a

mixed-use development that encompasses an entire block between 49th

and 50th streets and between 8th and 9th

avenues. The office building serves as the North American Headquarters

for Nomura Holdings, Inc. and Cravath Swaine and Moore LLP, as well as

other high-quality office tenants including WebMD,, the

Rubenstein public relations organization and CBS Broadcasting. The

retail building features a five-stage off-Broadway theater, a 475-space

parking garage and TMPL, a state-of-the-art fitness gym. The complex is

100% leased.

Worldwide Plaza sits at the juncture of Manhattan’s Columbus Circle and

Times Square submarkets, and north of the emerging Hudson Yards area.

The property features excellent public transportation access, including

direct entry to New York’s E and C subway trains, short walks to the B,

D, N, Q, R, and 1 lines and the Port Authority Bus Terminal, crosstown

bus service and shuttle service to the nearby New York Waterway ferry.

“With convenient access to transit, a slate of top-tier tenants, and a

historic reputation, the iconic Worldwide Plaza building is poised for a

big future. We look forward to working with NYRT and SL Green to further

enhance Worldwide Plaza’s position as a commercial destination in

Midtown West,” said Scott Rechler, Chairman and CEO of RXR Realty.

“The acquisition of Worldwide Plaza allows us to expand our footprint on

Manhattan’s West Side through investing in a Class A asset that is fully

leased to institutional tenants,” commented SL Green Co-Chief Investment

Officer, David Schonbraun. “We are excited to partner with NYRT and RXR

in our efforts to drive value at the property and participate in the

growth of this neighborhood.”

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 June 30, 2017, the Company

held interests in 119 Manhattan buildings totaling 47.4 million square

feet. This included ownership interests in 27.5 million square feet of

Manhattan buildings and debt and preferred equity investments secured by

19.9 million square feet of buildings. In addition, the Company held

ownership interests in 29 suburban buildings totaling 4.6 million square

feet in Brooklyn, Long Island, Westchester County, Connecticut and New

Jersey. To be added to the Company’s distribution list or to obtain the

latest news releases and other Company information, please visit our

website at or

contact Investor Relations at (212) 594-2700.

About RXR
RXR Realty LLC (“RXR”) is a vertically

integrated private real estate operating company with expertise in

investment management, property management, development, design,

construction, leasing and financing. RXR’s core growth strategy is

focused on New York City and the surrounding tri-state area markets. RXR

is one of the largest owners, managers, and developers in the New York

Tri-State area. The RXR platform manages 74 commercial real estate

properties and investments with an aggregate gross asset value of

approximately $15.7 billion as of June 30, 2017, comprising

approximately 22.1 million square feet of commercial operating

properties and approximately 5,200 multi-family and for sale units under

active development in the New York Metropolitan area.

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,”

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“continue,” or the negative of these words, or other similar words or


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

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undertake no obligation to publicly update or revise any forward-looking

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



SL Green Realty Corp.
Matt DiLiberto
Chief Financial Officer

Source: SL Green Realty Corp.

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