SL Green Announces Sale of 635-641 Sixth Avenue
May 18 2021 - 7:30AM
SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office
landlord, today announced the sale of 635-641 Sixth Avenue for a
gross sales price of $325.0 million. The property is comprised of
two adjoined buildings totaling 8 stories and 267,000 square feet,
occupying the full western block-front on Sixth Avenue from 19th
Street to 20th Street in Midtown South. The transaction is expected
to close in the second quarter of 2021, subject to customary
closing conditions, and generate net cash proceeds to SL Green of
approximately $312.5 million.
“New York City’s revitalization continues as does the demand for
Class A office buildings,” said Harrison Sitomer, Senior
Vice President. “The disposition at a sale price of more
than $1,200 per square foot is a result of extensive repositioning
and leasing efforts at the property, which is further evidence of
the breadth of expertise that the SL Green platform brings to the
table. Completion of this transaction represents another step in
the successful execution of our 2021 business plan.”
The property is currently 94% leased and anchored by
multi-national enterprise software company, Infor, through 2030,
following a recently executed renewal and extension. SL Green
acquired the Property in 2012 for $173.0 million and completed its
redevelopment in 2015, including a new lobby, elevators,
state-of-the-art building systems and a one-of-a-kind penthouse
rooftop that includes outdoor amenity and event space.
Darcy Stacom, William Shanahan and Doug Middleton of CBRE
represented SL Green in the transaction.
About SL Green Realty Corp.
SL Green Realty Corp., Manhattan’s largest office landlord, is a
fully integrated real estate investment trust, or REIT, that is
focused primarily on acquiring, managing and maximizing value of
Manhattan commercial properties. As of March 31, 2021, SL Green
held interests in 84 buildings totaling 37.8 million square feet.
This included ownership interests in 28.3 million square feet of
Manhattan buildings and 8.7 million square feet securing debt and
preferred equity investments.
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 actual results or
developments may differ materially, 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 include risks and uncertainties related
to the on-going COVID-19 pandemic and the duration and impact it
will have on our business and the industry as a whole and the other
risks and uncertainties described in our filings with the
Securities and Exchange Commission. Except to the extent required
by law, we undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of future events,
new information or otherwise.
SLG - A&D
Matt DiLibertoChief Financial Officer212.594.2700
SL Green Realty (NYSE:SLG)
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