SL Green & Vornado Complete $900 Million Refinancing of 280 Park Avenue


SL Green Realty Corp. (NYSE:SLG) and Vornado Realty Trust (NYSE:VNO)

today announced that they have closed on the refinancing of 280 Park

Avenue, a premier 1,250,000 square foot Manhattan office building that

is held by the companies in a joint venture.

The new $900 million loan carries a 3-year term (subject to four 1-year

extension options) and a floating interest rate of LIBOR plus 2.00%

(currently 2.44%). The loan replaces the previous $721 million

indebtedness that carried an interest rate of approximately 6.35%.

The refinancing comes on the heels of the completion of a

transformational $150 million redesign and renovation of the building’s

façade and interior. Included in the renovations were the creation of an

expansive world-class lobby, an extensive program to enhance

environmental sustainability, a complete redesign of the building’s

adjacent plaza and building-wide infrastructure upgrades, including new

elevator cabs and bathrooms, new thin line perimeter induction units,

new electrical distribution and state-of-the-art security.

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.
Matt DiLiberto, 212-594-2700

Financial Officer
Vornado Realty Trust

Theriot, 201-587-1000
Chief Financial Officer

Source: SL Green Realty Corp.

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