SL Green Finalizes Preferred Equity Investment at 245 Park
November 30 2018 - 7:30AM
Business Wire
SL Green Realty Corp., New York City’s largest office landlord,
today announced that it has completed the second phase of its
preferred equity investment in 245 Park Avenue. SL Green made its
initial investment in 245 Park Avenue during the second quarter of
2018, and as part of the recent closing, the investment now totals
$148.2 million. In connection with this modification, SL Green will
serve as the building’s property manager, overseeing all leasing
and operations.
“SL Green has an unparalleled track record in managing top
commercial assets throughout New York City, with a particular
emphasis on East Midtown, attracting world-renowned firms and
offering best-in-class building management. We are thrilled to
partner with them at 245 Park Avenue, which stands at the center of
Manhattan’s most prominent office corridor,” said Daniel Chen,
Chairman and Chief Executive Officer of HNA Group North America
LLC, a wholly owned subsidiary of HNA Group.
The 1,780,000 square foot, 44-story tower, built in 1967 and
designed by Shreve, Lamb & Harmon Associates, is one of the
modern corporate headquarters that transformed Park Avenue into one
of the most distinguished corporate corridors in the world.
Occupying the entire block between 46th and 47th Streets, 245 Park
Avenue is among the largest buildings on Park Avenue and has direct
access to Grand Central Terminal. The building is currently 91%
leased and is home to firms such as Société Générale S.A., Angelo
Gordon, Rabobank and Ares Capital.
Benjamin Lambert, Evan Layne, and David Lazarus from Eastdil
Secured represented HNA on the transactions.
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 September 30, 2018, SL Green held interests in 106
Manhattan buildings totaling 46.4 million square feet. This
included ownership interests in 28.2 million square feet
of Manhattan buildings and 18.2 million square feet of
buildings securing debt and preferred equity investments. In
addition, SL Green held ownership interests in 15 suburban
buildings totaling 2.3 million square feet
in Brooklyn, Westchester County,
and Connecticut.
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 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.
SLG- A&D
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version on businesswire.com: https://www.businesswire.com/news/home/20181130005175/en/
Investors:Matt DiLibertoChief Financial OfficerSL Green Realty
Corp.(212) 594-2700
Press:BerlinRosenslgreen@berlinrosen.com646.452.5637
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