SL Green to Acquire Eleven Madison Avenue

Premier Midtown South Building


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

property owner, announced today that it has entered into a definitive

agreement to acquire Eleven Madison Avenue in New York City for $2.285

billion plus approximately $300 million in costs associated with lease

stipulated improvements to the property. The building is being sold by a

joint venture of The Sapir Organization and CIM Group. The transaction

is expected to close in the third quarter of 2015, subject to customary

closing conditions.

Eleven Madison Avenue is a 29-story, 2.3 million square foot Class-A,

Midtown South office property that was built in 1929 and originally

served as the headquarters of Metropolitan Life Insurance Company. After

a $700 million modernization in the 1990s, it became the North American

headquarters of Credit Suisse, which continues to be the largest tenant

in the building today. It also will serve as the new headquarters for

Sony Corp. of America. The balance of the building is occupied by Yelp,

Young & Rubicam, William Morris Endeavor Entertainment, and Fidelity

Investments, along with the Eleven Madison Park restaurant, which earned

Three Stars from the Michelin Guide.

The property features an art-deco design highlighted by an Alabama

limestone exterior, elegantly appointed main lobby, state of the art

building systems, and large floor plates. It is also on the National

Register of Historic Places.

SL Green Co-Chief Investment Officer, Isaac Zion, commented, “Eleven

Madison Avenue is one of the best assets in New York City’s vibrant

Midtown South submarket, with floor-plate sizes, amenities, and a robust

infrastructure that are truly unique to the area. Occupying a full block

across from Madison Square Park, the building has direct connectivity to

One Madison Avenue, a 1.2 million square foot building that is leased to

Credit Suisse and also owned by SL Green.”

“After the past two years of repositioning the asset and value creation

through leaseup and renovations, we are pleased to consummate this sale

with SL Green”, said Alex Sapir, President of the Sapir Organization.

“We trust that they will continue to own and operate this trophy asset

in the same manner that we have over the past 12 years.”

The law firm of Greenberg Traurig, LLP represented SL Green. The seller

was represented by Darcy Stacom and Bill Shanahan of CBRE, Inc. along

with the law firm of DLA Piper (US).

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 March 31, 2015, SL Green

held interests in 117 Manhattan buildings totaling 43.6 million square

feet. This included ownership interests in 29.0 million square feet of

commercial buildings and debt and preferred equity investments secured

by 14.6 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:

About The Sapir Organization

The Sapir Organization is a group of privately and publicly held

companies, owned by Sapir family members. Collectively, this New

York-based real estate organization owns and manages approximately 6

million square feet of prime Manhattan commercial and residential space

including 2 Broadway, 260 Madison Avenue and 261 Madison Avenue. Founded

by Mr. Tamir Sapir, chairman, the Sapir Organization has embarked on

residential and multi-use projects under the leadership of Mr. Alex

Sapir and Mr. Rotem Rosen through ASRR LLC. The company’s development

arm is currently focused on a number of luxury boutique condominium and

hotel projects in Manhattan and Miami.

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

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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



SL Green
Andrew Mathias
Matt DiLiberto

Financial Officer

Source: SL Green Realty Corp.

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