NEW YORK–(BUSINESS WIRE)–
SL Green Realty Corp. (NYSE:SLG), an S&P 500 company and New York City’s
largest commercial property owner, today announced it has reached an
agreement to sell two Fifth Avenue retail development sites to a single
buyer for $125.4 million or $13,690 per zoning square foot.
These sales represent another step in the strategic real estate
disposition and reinvestment strategy SL Green outlined in conjunction
with the acquisition of Eleven Madison Avenue. The transaction is
expected to be completed prior to year-end 2015, subject to customary
closing conditions.
The sites, located at 570 Fifth Avenue and 574 Fifth Avenue, were
acquired by SL Green in November 2013 for a total of $78.7 million. The
Company subsequently vacated the tenants in the existing buildings in
preparation for a comprehensive retail development.
SL Green Managing Director Brett Herschenfeld commented, “With this
transaction, SL Green will realize returns on its original investment
that are consistent with our original underwriting without having
incurred any development risk. In addition, the sale provides a source
of equity capital that can be tax efficiently redeployed into Eleven
Madison on an immediately accretive basis.”
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, 2015, SL Green
held interests in 120 Manhattan buildings totaling 44.1 million square
feet. This included ownership interests in 29.0 million square feet of
commercial buildings and debt and preferred equity investments secured
by 15.1 million square feet of buildings. In addition to its Manhattan
investments, SL Green held ownership interests in 37 suburban buildings
totaling 5.9 million square feet in Brooklyn, Long Island, Westchester
County, Connecticut and New Jersey. For more information, please visit: https://slgreen.com/
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
View source version on businesswire.com: http://www.businesswire.com/news/home/20150917005339/en/
SL Green Realty Corp.
Andrew Mathias
President
-or-
Matt
DiLiberto
Chief Financial Officer
212.594.2700
Source: SL Green Realty Corp.
News Provided by Acquire Media