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SL Green Acquires Connecticut Loft-Style Office Building
Tuesday 22 October 2019

22 October 2019 - New York, US-based real estate investment trust SL Green Realty Corp. (NYSE: SLG) has agreed to purchase a six-story Manhattan, US office property, the company said.
The transaction is expected to close within the next 90 days, subject to customary closing conditions. Terms of the transaction were not disclosed.
SL Green's acquisition of 603 West 50th Street will be partially funded by proceeds from the sale of 1010 Washington Boulevard in Stamford, CT, which is under contract to be sold for USD 23m.
This transaction showcases the company's ability to reposition the portfolio by exiting non-core assets, recycling capital into higher quality office assets with greater upside potential, in a tax-efficient manner.
KCP Holdco, Inc., an affiliate of the seller, which currently occupies the property, will lease-back approximately 40,000-square-feet of office space to serve as its headquarters. SL Green will undertake a full-building repositioning to elevate the profile of this asset.
SL Green Realty Corp. is focussed primarily on acquiring, managing and maximising value of Manhattan commercial properties. As of September 30, 2019, SL Green held interests in 93 Manhattan buildings totaling 45.0m square feet.
Woody Heller and David Heller of Savills Studley advised the seller.
Details
Date Published: 22/10/2019
Target: Six-story Manhattan, US office property
Country: USA
Sector: Construction/Real Estate
Type: LBO
Financing: Cash and Stock
Status: Agreed
Vendor:
Buyer: SL Green Realty Corp
Comment:
Terms of the deal were not disclosed

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