New York, NY – April 28, 2011 – SL Green Realty Corp. (NYSE: SLG) today announced it has acquired SITQ’s entire interest in 1515 Broadway, thereby consolidating full ownership of the building. The transaction values the consolidated interests at $1.21 billion.
1515 Broadway, whose crown is prominently displayed in New York City’s iconic skyline, is a 1.75 million square foot, 54-story office skyscraper situated in the heart of Times Square. The property recently underwent a $40 million strategic repositioning, which included a total lobby redesign featuring 5,000 square feet of custom art glass wrapping the core walls, new entrances, new common corridors and bathrooms. In addition to being home to Viacom International Inc. and its famous MTV Studios, 1515 Broadway features high profile retail tenants, including Aeropostale, Oakley and Billabong.
SL Green President Andrew Mathias stated, “This is another in a line of highly successful joint ventures with SITQ, and we look forward to joining SITQ in making future investments. 1515 Broadway is one of our premier assets, located at the crossroads of the world in Times Square, and we expect to own it for many years to come.”
About SL Green Realty Corp.
SL Green Realty Corp., New York City’s largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of March 31, 2011, SL Green owned interests in 43 Manhattan properties totaling more than 29.7 million square feet. This included ownership interests in 22.3 million square feet of office buildings, ownership interests in 334,782 square feet of free-standing and condominium retail properties, and debt and preferred equity investments secured by 7.4 million square feet of properties. In addition to its Manhattan investments, SL Green holds interests in 31 suburban assets totaling 6.8 million square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey, along with six development properties encompassing approximately 1.3 million square feet and three land interests.
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