SL Green and Moinian Group joint venture sell 180 Maiden Lane for $470 million

SL Green Realty Corp. and joint venture partner, The Moinian Group, agreement to sell 180 Maiden Ln. for $470 million. The buyer is a venture led by Murray Hill Properties and Clarion Partners, a leading real estate investment manager. The sale is expected to close during the fourth quarter of 2014, subject to customary closing conditions. SL Green and The Moinian Group formed the joint venture to recapitalize and refinance 180 Maiden Ln. in November, 2011. Along with taking a 49.9% ownership position in the joint venture, SL Green assumed management and leasing responsibilities. SL Green co-chief investment officer Isaac Zion said, "We are very pleased with the outcome of our investment in 180 Maiden Lane. It represents the most recent example of what we believe is our unsurpassed ability to find intrinsic value in an asset and to generate significant returns for our shareholders, as evidenced by our internal rate of return on the investment of approximately 16%. The monetization of our equity in this transaction will allow us to redeploy capital into other value-creating opportunities. We have a longstanding relationship with Joe Moinian and the outcome at 180 Maiden Ln. is just the latest example of our continued success together." Joseph Moinian, president and CEO of The Moinian Group said, "We are thrilled with the outcome at 180 Maiden Lane and look forward to future opportunities with our excellent partners at SL Green."