SL Green Announces Sale of 16 Court Street in Brooklyn, NY


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

landlord, today announced an agreement to sell 16 Court Street, a

317,600 square foot office building in Brooklyn, NY, for a gross sale

price of $171.0 million to CIM Group, a full service real estate

and infrastructure fund manager. This transaction is expected to close

during the fourth quarter of 2017, subject to customary closing

conditions. The sale will generate net cash proceeds of approximately

$164.0 million.

SL Green acquired the 36-story office building in 2007 for $107.5

million through a joint venture, and subsequently took full ownership in

2013. SL Green implemented a strategic repositioning plan that included

a lobby renovation and elevator upgrade, among other improvements

designed to attract new tenants and enhance the building’s profile.

Occupancy in the building is currently 94%.

SL Green Co-Chief Investment Officer Isaac Zion commented, “This

transaction underscores SL Green’s strong track record of identifying

and unlocking value in New York City office buildings. We foresaw the

demand for revitalized office product in downtown Brooklyn and are very

pleased with the successful execution of our business plan.”

Darcy Stacom of CBRE represented SL Green in this transaction.

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.

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

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“estimate,” “believe,” “intend,” “project,” “continue,” or the negative

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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



Isaac Zion
Co-Chief Investment Officer
SL Green Realty Corp.


Source: SL Green Realty Corp.

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