SL Green Consolidates Ownership of 600 Lexington Avenue

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

property owner and an S&P 500 company, today announced an agreement to

acquire from Canada Pension Plan Investment Board (CPPIB) its 45%

indirect stake in 600 Lexington Avenue, a 36-story, 303,500 square foot

Midtown Manhattan office building, which will give SL Green complete

ownership of the asset. The transaction implies consideration for the

consolidated interests of $284 million, or $936 per square foot, and is

expected to close before year-end, subject to customary closing


SL Green and CPPIB acquired the property in May 2010 and completed

capital improvements to reposition it as one of the submarket’s most

desirable locations. With SL Green responsible for management and

leasing, occupancy has reached 95% as of December 2015.

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

forward to joining CPPIB in making future investments after this highly

successful endeavor together. 600 Lexington Avenue is one of our premier

boutique office assets, located in the heart of Midtown, and is primed

for continued superior performance in the marketplace.”

“We are pleased with the performance of 600 Lexington and the value that

SL Green has created, as we monetize our position in this asset,” said

Peter Ballon, Managing Director, Head of Real Estate Investments

Americas, CPPIB. “We look forward to continuing our relationship with SL

Green, a valued partner, to pursue new investment opportunities in the

New York market.”

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 September 30, 2015, SL

Green held interests in 121 Manhattan buildings totaling 43.2 million

square feet. This included ownership interests in 30.6 million square

feet of commercial buildings and debt and preferred equity investments

secured by 12.6 million square feet of buildings. In addition to its

Manhattan investments, SL Green held ownership interests in 35 suburban

buildings totaling 5.3 million square feet in Brooklyn, Long Island,

Westchester County, Connecticut and New Jersey.

For more information, please visit:

About Canada Pension Plan Investment Board

Canada Pension Plan Investment Board (CPPIB) is a professional

investment management organization that invests the funds not needed by

the Canada Pension Plan (CPP) to pay current benefits on behalf of 18

million contributors and beneficiaries. In order to build a diversified

portfolio of CPP assets, CPPIB invests in public equities, private

equities, real estate, infrastructure and fixed income instruments.

Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg,

Mumbai, New York City and São Paulo, CPPIB is governed and managed

independently of the Canada Pension Plan and at arm’s length from

governments. At September 30, 2015, the CPP Fund totalled $272.9

billion. For more information about CPPIB, please visit


Andrew Mathias
SL Green Realty Corp.


Source: SL Green Realty Corp.

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