SL Green & Vornado Complete $1.2 Billion Refinancing of 280 Park Avenue
August 24 2017 - 08:50AM
SL Green Realty Corp. (NYSE:SLG) and Vornado Realty Trust
(NYSE:VNO) today announced that they have closed a $1.2 billion
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 floating rate, interest-only loan carries a
rate of LIBOR plus 1.73%, currently 2.97%, and matures in September
2024, as extended. The loan replaces the previous $900
million of indebtedness that bore interest at LIBOR plus 2.00% and
was scheduled to mature in May 2023.
The refinancing comes after the lease up of the
building to approximately 97%, including the addition of the
world-renowned Four Seasons restaurant, following a $150 million
transformational redesign and renovation of the building’s facade
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 Statements
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.
Contact:
Matt DiLiberto
Chief Financial Officer
SL Green Realty Corp.
(212) 594-2700
Contact:
Joseph Macnow
Chief Financial Officer and
Chief Administrative Officer
Vornado Realty Trust
(201) 587-1000
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