New York, NY – March 14, 2011 – SL Green Realty Corp. (NYSE: SLG), today announced that it has entered into a contract to sell 28 West 44th Street in Midtown Manhattan for $161 million, or $448 per square foot, to a joint venture of APF Properties and a Prudential Real Estate Investors managed fund.
The sale represents another example of SL Green’s strategy to identify and purchase well-located and under-valued assets, and then unlock that value through strategic capital investment, tenant retention and superior leasing efforts to increase occupancy and net income. SL Green acquired the 359,000-square-foot, class B office building situated on “Club Row” in 2005 for $105.5 million.
The approximately $33.2 million in net proceeds generated by the sale will be reinvested in a tax efficient manner in connection with the recently announced consolidation of the fee interest at 885 Third Ave.
SL Green President Andrew Mathias stated, “This transaction further demonstrates SL Green’s proven ability to identify opportunities and create value in New York City office buildings. Our leasing and operations team did a great job in repositioning this asset to its full potential.”
Darcy Stacom and William Shanahan from CBRE acted on behalf of SL Green in the transaction. The sale is targeted to close during the second quarter of 2011, subject to customary closing conditions.
About SL Green Realty Corp.
SL Green Realty Corp., New York City’s largest office landlord, is the only 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, 2010, SL Green owned interests in 59 Manhattan properties totaling more than 31.5 million square feet, including equity interests in 22.3 million square feet of office buildings, of which over 1 million square feet is occupied by retail tenants, ownership interests in 405,362 square feet of free-standing retail properties, and debt and preferred equity investments secured by 8.8 million square feet of properties. In addition to its Manhattan investments, SL Green holds interests in 31 suburban assets totaling 6.8 million square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey, along with four development properties encompassing approximately 465,441 square feet, and three land interests.
Director, Investor Relations
SL Green Realty Corp.