SL Green & Renaissance Office Partners, LLC Announce Sale of Office Property in White Plains, New York


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

property owner, and its joint venture partner, Renaissance Office

Partners, LLC, today announced an agreement to sell 7 Renaissance

Square, a 65,600 square foot office building at the Ritz Carlton complex

in downtown White Plains, New York. The gross sales price is $20.7

million, or $316 per square foot. The transaction is expected to close

during the second quarter of 2016, subject to customary closing


SL Green and Renaissance Office Partners, LLC formed the joint venture

to recapitalize 7 Renaissance Square in December, 2010. Along with

taking a 50% ownership position in the joint venture, SL Green assumed

management and leasing responsibilities. Renaissance Office Partners

assumed all construction responsibilities.

SL Green’s Co-Chief Investment Officer, Isaac Zion, commented, “We are

very pleased with the outcome of our 7 Renaissance investment. It

represents one of the highest prices per square foot ever achieved for a

Westchester County office asset.”

Jeff Dunne of CBRE represented the sellers in this transaction.

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.

About Renaissance Office Partners, LLC

Renaissance Office Partners is a partnership between Ceruzzi Holdings,

LLC and a Cappelli Partnership, led by Bryan Cappelli. Together, Ceruzzi

Holdings, LLC and the Cappelli Partners have built, owned and managed

over 25 million square feet of multi-use projects.


Isaac Zion
Co-Chief Investment Officer
SL Green Realty Corp.


Source: SL Green Realty Corp.

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