NEW YORK--(BUSINESS WIRE)--SL Green Realty Corp. (NYSE:SLG), New York City’s largest commercial property owner, today announced that it has acquired additional ownership interests in the 674,000-square-foot office condominium at 1745 Broadway, which is leased entirely to Random House.
SL Green, which originally acquired a 32.26 percent stake in the property in 2007, will increase its ownership percentage to 56.88 percent as a result of the transactions. The majority of the interests, consisting of general partnership and limited partnership interests, were purchased from The Witkoff Group in exchange for SL Green Operating Partnership units. By acquiring these interests the Company has consolidated management of the property.
David Schonbraun, SL Green’s Co-Chief Investment Officer, said, “We are pleased to assume majority ownership of this Class A asset through this series of transactions, which we believe illustrates SL Green’s ability to collaborate effectively with our partners to achieve all parties’ objectives. We believe this series of transactions once again demonstrates our ability to use our joint venture platform to create proprietary off market acquisition opportunities for SL Green, while allowing our partners to monetize their positions without incurring meaningful transaction costs.”
Completed in 2003, 1745 Broadway is a 50-story building conveniently located between 55th and 56th streets along New York’s most famous thoroughfare. Designed by Skidmore, Owings & Merrill, the building features state-of-the-art infrastructure, efficient column-free floor plates, sweeping river views and it is LEED-EB certified.
About SL Green Realty Corp.
SL Green Realty Corp., New York City'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, 2014, SL Green held interests in 96 Manhattan buildings totaling 44.1 million square feet. This included ownership interests in 28.0 million square feet of commercial buildings and debt and preferred equity investments secured by 16.1 million square feet of buildings. In addition to its Manhattan investments, SL Green held ownership interests in 35 suburban buildings totaling 5.9 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey. For more information, please visit: http://slgreen.com/
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