NEW YORK--(BUSINESS WIRE)--
SL Green Realty Corp. (NYSE:SLG) today announced that it has entered
into an agreement to acquire 719 Seventh Avenue for $41.1 million. The
transaction, which is subject to customary closing conditions, is
expected to be completed during the second quarter of 2014.
The property, situated on the southeast corner of 48th Street and
Seventh Avenue, features premier visibility looking north from the
center of the Times Square bowtie as well as south from 52nd down the
Avenue. It is also on the same block as the recently announced Marriott
Edition hotel that is currently under construction. The site can
accommodate a building up to 28,114 square feet in addition to highly
coveted LED signage towers, akin to those SL Green has constructed at
1551-1555 Broadway, 1515 Broadway and most recently at 1552-1560
Broadway. SL Green intends to demolish the building in due course in
order to take full advantage of the development rights.
This acquisition will further increase the size of SL Green’s retail
property portfolio, which features substantial interests along New York
City’s primary retail corridors. Recent investments include the retail
space at 650 Fifth Avenue, 121 Greene Street, 115 Spring Street, and
131-137 Spring Street.
SL Green Managing Director, Brett Herschenfeld, said, “Times Square
continues to evolve into a dynamic retail and commercial destination. We
have made several timely and well-placed investments in the submarket,
and in doing so, have substantially contributed to the area’s evolution.
We’ve built flagships for Aeropostale, American Eagle, and Express,
while also substantially changing the sights and sounds of the area with
cutting edge LED signage at each site. With this acquisition, our
participation and impact in the expanding retail district of Times
Mr. Herschenfeld continued, “719 Seventh Avenue is a great addition to
our expanding retail footprint and we are excited to grow our presence
in Times Square, the official Crossroads of the World. We believe this
acquisition once again demonstrates SL Green’s ability to identify
unique, value-add, off-market transactions as well as utilize our
extensive relationships within the New York Real estate community.”
David Berley played a key role in arranging the transaction.
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 March 31, 2014, SL Green held interests in
95 Manhattan buildings totaling 45.1 million square feet. This included
ownership interests in 28.4 million square feet of commercial buildings
and debt and preferred equity investments secured by 16.7 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.
This press release includes certain statements that may be deemed to
be "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and are intended to be covered
by the safe harbor provisions thereof. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that we expect, believe or
anticipate will or may occur in the future, are forward-looking
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Forward-looking statements contained in this press release are
subject to a number of risks and uncertainties, many of which are beyond
our control, that may cause our actual results, performance or
achievements to be materially different from future results, performance
or achievements expressed or implied by forward-looking statements made
by us. Factors and risks to our business that could cause actual results
to differ from those contained in the forward-looking statements are
described in our filings with the Securities and Exchange Commission. We
undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of future events, new information or
For SL Green Realty Corp.
Director, Investor Relations
Source: SL Green Realty Corp.