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.
Thanks for Reading!
You've read 3 of your 3 guest articles
Register and get instant unlimited access to all of our articles online.
Sign up is quick, easy, & FREE.
Subscription Options
Sign up is quick, easy, & FREE.
Already have an account? Login here