NEW YORK–(BUSINESS WIRE)–

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

property owner, today announced that it has entered into an agreement to

expand its presence in the New York City residential market by acquiring

a stake in a 23-building, 2.55 million square foot portfolio comprised

of 2,815 rental apartments and 43,000-square-feet of prime retail space.

As a result of the transaction, SL Green will own a 50% share in both

the partnership interests and promotes in the portfolio held through

entities affiliated with Stonehenge with Ofer Yardeni retaining the

other 50% ownership interest. In addition, the properties will continue

to be managed and operated by Stonehenge and continue to be owned in

partnerships with various institutional partners.

The purchase price will be primarily funded through the issuance of $40

million of preferred SL Green operating partnership units. The

transaction is expected to close in the first quarter of 2015, subject

to customary closing conditions.

David Schonbraun, SL Green’s Co-Chief Investment Officer, said, “This

investment represents an incredible opportunity for SL Green to expand

its residential portfolio in partnership with a proven operating

partner. Over the past few years, we have developed a strong

relationship with Ofer Yardeni and Stonehenge Partners. They are a

best-in-class residential operator and we believe that together we can

enhance the current portfolio’s value and build upon our previous

successes.”

“Stonehenge is excited to partner with SL Green again, and this time, in

a much greater capacity. I have had the pleasure of working with the

company for many years and partnered with them in prior investments,”

said Ofer Yardeni, Chairman and CEO of Stonehenge. “Their extensive

experience and expertise in the real estate industry is unparalleled and

will add lasting value to Stonehenge.”

The portfolio consists of properties located in the some of the best and

most attractive submarkets of Manhattan, including Gramercy Park, the

West Village, Chelsea, Murray Hill and the Upper East and West Sides.

FTI Consulting acted as advisor to the transaction.

About SL Green Realty Corp.

SL Green Realty Corp., 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 September 30, 2014, SL Green held interests

in 96 Manhattan buildings totaling 44.1 million square feet. This

included ownership interests in 28.0 million square feet of commercial

buildings and debt and preferred equity investments secured by 16.1

million square feet of buildings. In addition to its Manhattan

investments, SL Green held ownership interests in 35 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/

About Stonehenge Partners

Stonehenge Partners is a fully-integrated owner and operator of

premier residential and commercial real estate, with a focus on

value-add residential rental properties in New York City. Led by

Chairman and CEO Ofer Yardeni, Stonehenge today owns and manages a

portfolio recently appraised at $2.75 billion which is comprised of 26

properties with more than 3,000 residential apartment units. Recognized

for its above-and-beyond customer service platform and five-star

lifestyle programming, Stonehenge provides a residential experience that

is second to none.

For more information about Stonehenge Partners, visit www.stonehengenyc.com

or call 646-878-2004.

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-ACQ

SL Green Realty Corp.
Andrew Mathias
President
or
Matt

DiLiberto, 212-594-2700
Chief Accounting Officer & Treasurer

Source: SL Green Realty Corp.

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