New York, NY – March 16, 2011 – SL Green Realty Corp. (NYSE: SLG) and Vornado Realty Trust (NYSE: VNO) have contributed their respective debt positions in the office building located at 280 Park Avenue to a newly formed 50/50 joint venture.  The total contributed indebtedness amounts to $400 million.  In order to true-up the respective positions, Vornado paid SL Green $111 million and assumed $15 million of SL Green’s debt applicable to its position.

280 Park Avenue, a 1.237 million square foot, Class A office property, is comprised of two office towers on Park Avenue between 48th and 49th Streets.

FOR SL GREEN CONTACT :

Andrew Mathias

President

-or-

Heidi Gillette

Director, Investor Relations

SL Green Realty Corp.

(212) 594.2700

 

FOR VORNADO CONTACT:

Joseph Macnow

EVP Finance & Administration, CFO

Vornado Realty Trust

(201) 587-1000