SL Green and RXR Acquire JV Interest in New York REIT’s Worldwide Plaza
September 14 2017 - 8:04AM
Business Wire
SL Green Realty Corp. (NYSE: SLG), New York City’s largest
office property owner, and private investment manager, RXR Realty,
today announced that they have signed an agreement to acquire a
combined 48.7% interest in Worldwide Plaza, a Class A, trophy asset
located in Midtown Manhattan. The interest is being sold by New
York REIT (NYSE: NYRT), which will continue to own the remaining
equity with WWP Sponsor, LLC, its existing partner. The
transaction, which is expected to be completed in the fourth
quarter of 2017 subject to customary closing conditions, values the
asset at $1.725 billion.
Worldwide Plaza, developed in 1989, consists of a 49-story, 1.8
million-square-foot Class A office tower, a 252,000 retail building
with a parking garage, and a large open-air plaza. The property is
part of a mixed-use development that encompasses an entire block
between 49th and 50th streets and between 8th and 9th avenues. The
office building serves as the North American Headquarters for
Nomura Holdings, Inc. and Cravath Swaine and Moore LLP, as well as
other high-quality office tenants including WebMD, WNet.org, the
Rubenstein public relations organization and CBS Broadcasting. The
retail building features a five-stage off-Broadway theater, a
475-space parking garage and TMPL, a state-of-the-art fitness gym.
The complex is 100% leased.
Worldwide Plaza sits at the juncture of Manhattan’s Columbus
Circle and Times Square submarkets, and north of the emerging
Hudson Yards area. The property features excellent public
transportation access, including direct entry to New York’s E and C
subway trains, short walks to the B, D, N, Q, R, and 1 lines and
the Port Authority Bus Terminal, crosstown bus service and shuttle
service to the nearby New York Waterway ferry.
“With convenient access to transit, a slate of top-tier tenants,
and a historic reputation, the iconic Worldwide Plaza building is
poised for a big future. We look forward to working with NYRT and
SL Green to further enhance Worldwide Plaza's position as a
commercial destination in Midtown West,” said Scott Rechler,
Chairman and CEO of RXR Realty.
“The acquisition of Worldwide Plaza allows us to expand our
footprint on Manhattan’s West Side through investing in a Class A
asset that is fully leased to institutional tenants,” commented SL
Green Co-Chief Investment Officer, David Schonbraun. “We are
excited to partner with NYRT and RXR in our efforts to drive value
at the property and participate in the growth of this
neighborhood.”
About SL Green Realty Corp.SL Green Realty Corp., an
S&P 500 company and New York City'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 June 30, 2017, the Company held interests in 119 Manhattan
buildings totaling 47.4 million square feet. This included
ownership interests in 27.5 million square feet of Manhattan
buildings and debt and preferred equity investments secured by 19.9
million square feet of buildings. In addition, the Company held
ownership interests in 29 suburban buildings totaling 4.6 million
square feet in Brooklyn, Long Island, Westchester County,
Connecticut and New Jersey. To be added to the Company's
distribution list or to obtain the latest news releases and other
Company information, please visit our website
at www.slgreen.com or contact Investor Relations at (212)
594-2700.
About RXRRXR Realty LLC (“RXR”) is a vertically
integrated private real estate operating company with expertise in
investment management, property management, development, design,
construction, leasing and financing. RXR’s core growth strategy is
focused on New York City and the surrounding tri-state area
markets. RXR is one of the largest owners, managers, and developers
in the New York Tri-State area. The RXR platform manages 74
commercial real estate properties and investments with an aggregate
gross asset value of approximately $15.7 billion as of June 30,
2017, comprising approximately 22.1 million square feet of
commercial operating properties and approximately 5,200
multi-family and for sale units under active development in the New
York Metropolitan area.
Forward-looking StatementThis 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,"
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"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
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SLG- A&D
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SL Green Realty Corp.Matt DiLibertoChief Financial
Officer212.594.2700
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