NEW YORK–(BUSINESS WIRE)–
SL Green Realty Corp. (NYSE:SLG), an S&P 500 company and New York
City’s largest commercial property owner, announced today that it has
sold its interest in the commercial condominium located at 315 West 36th
Street, at a gross asset valuation of $115 million, or $779 per square
foot.
SL Green acquired its interest in the property in late 2012 at a gross
asset valuation of $45 million.
SL Green Managing Director, Brett Herschenfeld, commented, “The
strategic early termination of the Teach for America lease laid the
groundwork to unlock substantial value in the building. Signing a new
long-term lease with WeWork allowed for the culmination of that strategy
to take place through the sale of our interest, which provides returns
and proceeds well in excess of our underwriting.” Mr. Herschenfeld
continued, “This sale is a continuation of our business plan as it
provides proceeds that can be redeployed into Eleven Madison in a tax
efficient manner.”
Woody Heller of Savills Studley advised SL Green on 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 June 30, 2015, SL Green
held interests in 120 Manhattan buildings totaling 44.1 million square
feet. This included ownership interests in 29.0 million square feet of
commercial buildings and debt and preferred equity investments secured
by 15.1 million square feet of buildings. In addition to its Manhattan
investments, SL Green held ownership interests in 37 suburban buildings
totaling 5.9 million square feet in Brooklyn, Long Island, Westchester
County, Connecticut and New Jersey. For more information, please
visit: https://slgreen.com/
Forward-looking Statement
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
statements. Forward-looking statements are generally identifiable by the
use of the words “may,” “will,” “should,” “expect,” “anticipate,”
“estimate,” “believe,” “intend,” “project,” “continue,” or the negative
of these words, or other similar words or terms.
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
otherwise.
SLG-A&D
View source version on businesswire.com: http://www.businesswire.com/news/home/20151005005781/en/
Matt DiLiberto
Chief Financial Officer
212.594.2700
Source: SL Green Realty Corp.
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