NEW YORK–(BUSINESS WIRE)–Nov. 30, 2018–
SL Green Realty Corp., New York City’s largest office landlord, today
announced that it has completed the second phase of its preferred equity
investment in 245 Park Avenue. SL Green made its initial investment in
245 Park Avenue during the second quarter of 2018, and as part of the
recent closing, the investment now totals $148.2 million. In connection
with this modification, SL Green will serve as the building’s property
manager, overseeing all leasing and operations.
“SL Green has an unparalleled track record in managing top commercial
assets throughout New York City, with a particular emphasis on East
Midtown, attracting world-renowned firms and offering best-in-class
building management. We are thrilled to partner with them at 245 Park
Avenue, which stands at the center of Manhattan’s most prominent office
corridor,” saidDaniel Chen, Chairman and Chief Executive Officer of
HNA Group North America LLC, a wholly owned subsidiary of HNA Group.
The 1,780,000 square foot, 44-story tower, built in 1967 and designed by
Shreve, Lamb & Harmon Associates, is one of the modern corporate
headquarters that transformed Park Avenue into one of the most
distinguished corporate corridors in the world. Occupying the entire
block between 46th and 47th Streets, 245 Park
Avenue is among the largest buildings on Park Avenue and has direct
access to Grand Central Terminal. The building is currently 91% leased
and is home to firms such as Société Générale S.A., Angelo Gordon,
Rabobank and Ares Capital.
Benjamin Lambert, Evan Layne, and David Lazarus from Eastdil Secured
represented HNA on the transactions.
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, 2018, SL
Green held interests in 106 Manhattan buildings totaling 46.4 million
square feet. This included ownership interests in 28.2 million square
feet of Manhattan buildings and 18.2 million square feet of buildings
securing debt and preferred equity investments. In addition, SL Green
held ownership interests in 15 suburban buildings totaling 2.3 million
square feet in Brooklyn, Westchester County, and Connecticut.
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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use of the words “may,” “will,” “should,” “expect,” “anticipate,”
“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
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Source: SL Green Realty Corp.
Chief Financial Officer
Green Realty Corp.