SL Green to Acquire Iconic SoHo Property


SL Green Realty Corp. (NYSE:SLG), an S&P 500 company and New York City’s

largest commercial property owner, today announced a definitive

agreement to acquire a 90% interest based on a gross asset valuation of

$255 million, in The SoHo Building. The acquisition of this iconic,

mixed-use property, which came about as a result of a long-standing

relationship with the seller, will increase the company’s considerable

presence in SoHo.

Located at 110 Greene Street in the heart of SoHo, one of New York

City’s most desirable submarkets, the building offers office and

residential tenants unparalleled views, along with large floor plates

and substantial common areas. The property features 13 stories,

irreplaceable as one of the tallest buildings in the historic district.

Retail space at the building, along Greene and Mercer Streets, offers

existing and future tenants high visibility on two of the strongest

retail streets in Manhattan. Notwithstanding the building’s current

prominence in the submarket, SL Green plans additional improvements to

the property as it reintroduces it to the marketplace.

The transaction increases SL Green’s sizable footprint in SoHo, adding

the submarket’s best office space to the Company’s commercial portfolio,

and extending its substantial retail presence that currently includes

102 Greene Street, 121 Greene Street, 115 Spring Street, 131-137 Spring

Street and 530-536 Broadway. The SoHo portfolio complements SL Green’s

major retail investment interests in other heavily-trafficked New York

City locations, including Midtown’s Fifth Avenue Gold Coast, Upper

Madison Avenue and Times Square.

SL Green Managing Director, Brett Herschenfeld, commented, “This

transaction presents SL Green with a unique opportunity to acquire and

further enhance the property into one of the most compelling multi-use

assets in Downtown New York. The property is truly fitting of its iconic


The property is being sold by a joint venture controlled by the family

of the late legendary real estate entrepreneur Tony Goldman, a pioneer

in the transformation of SoHo into the world renowned area that it is

today. Janet Goldman commented, “Tony was a brilliant real estate

developer with the ability to revolutionize markets. We are excited to

see SL Green utilize its expertise to further realize Tony’s vision for

this world-class asset.”

The transaction is expected to close in the third quarter of 2015,

subject to customary closing conditions.

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:

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



SL Green Realty Corp.
Andrew Mathias

Chief Financial Officer

Source: SL Green Realty Corp.

News Provided by Acquire Media