SL Green & Citi Reach Agreement on Early Purchase of 388-390 Greenwich Street


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

property owner, today announced that it has reached an agreement with an

affiliate of Citigroup Inc. (“Citi”) to accelerate the sale of 388-390

Greenwich Street (the “Property”) to Citi, pursuant to the purchase

option that Citi exercised in January 2016. Separately, SL Green

announced that it has reached an agreement for the early termination of

Citi’s lease at the Property as a result of the sale acceleration. The

sale is now scheduled to close in June 2016.

SL Green will realize approximately $1.8 billion in sale proceeds at

closing, including the lease termination payment. Proceeds of sale and

the termination payment will be used by the Company to repay a portion

of its corporate credit facility and retire the $1.45 billion mortgage

on the Property, resulting in reduction of Company indebtedness of

approximately $1.8 billion.

SL Green Chief Executive Officer, Marc Holliday, commented on the

transaction, “We are pleased to reach an agreement on the early sale of

388-390 Greenwich Street. In addition, by retiring approximately $1.8

billion of debt, we further strengthen our balance sheet and enhance our

liquidity position to in excess of $1.4 billion.”

He continued, “Our longstanding, multi-faceted relationship with Citi,

one of the world’s leading financial institutions, has been mutually

rewarding and we look forward to continuing this important relationship

for many years to come.”

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 December 31, 2015, SL

Green held interests in 121 Manhattan buildings totaling 48.3 million

square feet. This included ownership interests in 30.5 million square

feet of commercial buildings and debt and preferred equity investments

secured by 17.8 million square feet of buildings. In addition to

its Manhattan investments, SL Green held ownership interests in 33

suburban buildings totaling 5.1 million square feet in Brooklyn, Long

Island, Westchester County, Connecticut and New Jersey.


Andrew Mathias
Matt DiLiberto

Financial Officer

Source: SL Green Realty Corp.

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