SL Green and Vornado Announce 280 Park Avenue Mezzanine Loan Repayment

Rhea-AI Summary

SL Green Realty Corp. and Vornado Realty Trust announce the repayment of a $125.0 million mezzanine loan on 280 Park Avenue, with Newmark advising on the transaction.

NEW YORK, April 17, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG) and Vornado Realty Trust (NYSE: VNO) modified and extended the $125.0 million mezzanine loan on 280 Park Avenue and subsequently repaid the loan for $62.5 million.

Newmark advised the parties on 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 the value of Manhattan commercial properties. As of December 31, 2023, SL Green held interests in 58 buildings totaling 32.5 million square feet. This included ownership interests in 28.8 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.

About Vornado Realty Trust

Vornado Realty Trust is a fully integrated real estate investment trust (“REIT”) with a portfolio of premier New York City office and retail assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns the premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with over 27 million square feet of LEED-certified buildings and over 23 million square feet at LEED Gold or Platinum.

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 the 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.

PRESS CONTACTS

For SL Green:
slgreen@berlinrosen.com

For Vornado:
Thomas J. Sanelli
(212) 894-7433
tsanelli@vno.com

FAQ

What is the news about SL Green Realty Corp. and Vornado Realty Trust?

SL Green Realty Corp. and Vornado Realty Trust announced the modification, extension, and repayment of a $125.0 million mezzanine loan on 280 Park Avenue.

How much was the loan repaid for?

The loan was repaid for $62.5 million.

Who advised the parties on the transaction?

Newmark advised SL Green Realty Corp. and Vornado Realty Trust on the transaction.