SL Green Announces Off-Market Acquisition of Upper Floor Condo Units in Midtown Class-A Office Building   


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


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


SL Green Realty
Andrew Mathias, 212-594-2700

Shlimak , 212-594-2700
Director, Investor Relations

Source: SL Green Realty Corp.

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