New York, NY, April 24,
2007 - SL Green Realty Corp. (NYSE: SLG) today announced that it has entered
into an agreement to acquire the fee interest in 333 West 34th Street for
$183.0 million, or approximately $530 per square foot from Citigroup Global
Markets, Inc. (Citigroup).
333 West 34th Street, located on 34th Street between Eighth and Ninth Avenues in the
Penn Station submarket and recently rezoned Hudson Yards district, is 100%
occupied by Citigroup, a AA credit rated company. The property, built in 1954,
is a 10-story office building with floor plates ranging in size from 38,000
square feet to 27,000 square feet. The
property comprises 345,400 square feet and features approximately 125 feet of
retail frontage on West 34th Street. The
property is located one block from the future location of Penn Station.
At closing, Citigroup,
one of SL Greens largest tenants in its portfolio, will enter into a full
building triple net lease through 2009.
President and Chief Investment Officer of SL Green, stated, 333 West 34th Street is a unique opportunity to acquire an
institutional quality property with an above standard infrastructure. When Citigroup vacates the property in 2009,
we will bring to market a large block of space to capture Midtown Manhattans
rising rents. We have had great success
in attracting large users at our Grand Central Square and 625 Madison Avenue
redevelopment projects. We believe that
through a similar repositioning and marketing strategy we will attract a
corporate tenant seeking a corporate headquarter style space in a
supply-constrained market. The
acquisition of 333 West 34th Street, located within two blocks of the
existing Penn Station, continues our strategy of acquiring core properties in
close proximity to New Yorks major transportation hubs.
Services and Citigroup Capital Markets and Banking advised the seller and
Cushman and Wakefield represented the seller as broker in the transaction.
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 Jersey.
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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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