SL Green Announces Sale of 707 Eleventh Avenue

Rhea-AI Summary

SL Green Realty Corp. (NYSE:SLG), New York City's largest office landlord, announced the sale of its 160,000 square foot property at 707 Eleventh Avenue for $95 million. This sale, purchased at $90 million in January 2020, is expected to close in Q1 2022 and aims to facilitate corporate debt repayment. The transaction underscores strong investor interest in quality real estate within Manhattan, as noted by SL Green's Senior VP, Harrison Sitomer. The company currently manages 76 buildings totaling 35.3 million square feet, focusing on maximizing property value.

Positive

• Sale of 707 Eleventh Avenue demonstrates strong investor demand with a gross sale price of $95 million, reflecting a profit from the original purchase.
• Proceeds from the sale will be used to repay corporate debt, potentially strengthening the financial position of the company.

Negative

• None.

NEW YORK, Dec. 14, 2021 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, today announced the sale of its ownership interest in 707 Eleventh Avenue for a gross sale price of $95.0 million to a domestic buyer. SL Green purchased the 160,000 square foot, loft-style building in January of 2020 for $90.0 million. The transaction is expected to close in the first quarter of 2022, subject to customary closing conditions. Proceeds from the sale are expected to be used for the repayment of corporate debt.

“The sale of 707 Eleventh Avenue demonstrates investor demand for quality, value-add investment opportunities in New York City,” said Harrison Sitomer, Senior Vice President of SL Green.

A team led by Andrew Scandalios at JLL 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 September 30, 2021, SL Green held interests in 76 buildings totaling 35.3 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 7.3 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

PRESS CONTACT
slgreen@berlinrosen.com 

FAQ

What is the sale price of the property at 707 Eleventh Avenue by SL Green Realty Corp.?

SL Green Realty Corp. sold the property at 707 Eleventh Avenue for a gross sale price of $95 million.

When is the expected closing date for the sale of 707 Eleventh Avenue?

The sale of 707 Eleventh Avenue is expected to close in the first quarter of 2022.

What will SL Green do with the proceeds from the sale of 707 Eleventh Avenue?

The proceeds from the sale are expected to be used to repay corporate debt.

How much did SL Green pay for 707 Eleventh Avenue when it was purchased?

SL Green purchased 707 Eleventh Avenue for $90 million in January 2020.

What is the significance of the sale of 707 Eleventh Avenue for SL Green?

The sale reflects strong investor demand for quality investment opportunities in New York City, indicating a positive market outlook.