New York, NY, April 24, 2007 - SL Green Realty
Corp. (NYSE: SLG) today announced that it entered into an agreement to sell its
292 Madison Avenue property for $140.0 million, or approximately $725 per
The 193,000-square-foot, 26-story office
building is located on the southwest corner of Madison Avenue and 41st
Street. SL Green acquired it in 1999,
together with 286 and 290 Madison Avenue, for $51.1 million, or $145 per square
Since the acquisition of 292 Madison, SLG has
invested approximately $9.0 million into the infrastructure of the asset,
making it an attractive address for boutique tenants in the Grand Central
submarket. The property is currently
Managing Director at SL Green, stated, This is yet another textbook example of
value creation by SL Greens team, from the off-market acquisition to the
repositioning of the assets and above-market rents and occupancy levels
achieved in our power zone the Grand Central submarket. 292 Madison joins 70 West 36th Street, 1 Park Avenue and 110 East 42nd Street as powerful generators of capital for
redeployment into higher quality assets.
Through the sale of 292 Madison, we have achieved an unlevered internal
rate of return in excess of 26%.
SL Green Realty Corp. is a self-administered and
self-managed real estate investment trust, or REIT, that predominantly
acquires, owns, repositions and manages Manhattan office properties. The
Company is the only publicly held REIT that specializes in this niche. As of March 31, 2007, the Company owned 32
New York City office properties totaling approximately 23.5 million square
feet, making it New Yorks largest office landlord. In addition, SL Green holds
investment interests in Manhattan retail properties totaling approximately 300,000
square feet at eight properties, along with ownership of 28 suburban assets
totaling 4.7 million square feet in Westchester County, Connecticut and New
To be added to the Companys distribution list
or to obtain the latest news releases and other Company information, please
visit our website at www.slgreen.com or contact Investor Relations at
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