NEW YORK–(BUSINESS WIRE)–
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.
Co-Chief Investment Officer
SL Green Realty Corp.
Source: SL Green Realty Corp.
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