Long Island City, NY According to SL Green Realty Corp., the company and its joint venture partners have closed on the sale of One Court Sq. to a private investor group for $481 million, or $343 per s/f. The transaction included the assumption by the purchaser of $315 million of existing debt.
SL Green, a 30% owner in the joint venture, received $44 million of net proceeds from the sale.
SL Green acquired its stake in the 1.4 million s/f office building which is 100% leased to Citibank, N.A., in conjunction with its 2007 acquisition of Reckson Associates Realty Corp. With this sale, SL Green's share of annualized cash rent from Citibank is reduced from 7.5% to 6.4%.
Douglas Harmon and Adam Spies of Eastdil Secured, LLC represented the sellers.
SL Green Realty Corp. is one of the only fully integrated real estate investment trusts (REITs), that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties.
As of March 31, SL Green owned interests in 70 Manhattan properties totaling more than 39 million s/f. This included ownership interests in 27.3 million s/f of commercial properties and debt and preferred equity investments secured by 11.7 million s/f of properties. In addition to its Manhattan investments, SL Green holds ownership interests in 32 suburban assets totaling 6.9 million s/f in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey, along with four development properties in the suburbs encompassing approximately 0.5 million s/f. Tags: