NEW YORK–(BUSINESS WIRE)–
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.
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
Vornado Realty Trust
Chief Financial Officer
Source: SL Green Realty Corp.
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