SL Green Announces Off-Market Acquisition of Upper Floor Condo Units in Midtown Class-A Office Building   

SL Green Realty Corp. (NYSE:SLG) announced that it has entered into an agreement to acquire commercial condominium units in the newly constructed Midtown Manhattan class-A office property located at 55 West 46th Street for $275.0 million.

SL Green will acquire 319,000 square feet consisting of vacant office space on floors 22 – 34, a retail store on 46th street and the building’s parking garage and fitness center. As part of the agreement, the seller has the option to include the 2nd floor in the transaction, which consists of 28,000 square feet, for an additional purchase price of $20.0 million. The transaction, which is subject to customary closing conditions, is expected to be completed before the end of 2014.

The visually-striking tower was designed by Skidmore Owings & Merrill and completed in 2013. The glass and steel structure provides highly efficient column free space and floor-to-ceiling windows on all office floors with sweeping views of the New York City skyline. The centrally located property includes on-site parking, a fitness center, and bike storage.

SL Green President Andrew Mathias said, “This is a magnificent asset in the heart of Midtown Manhattan. The acquisition demonstrates our strength in sourcing and executing off-market transactions. Being able to acquire the most valuable office space, only the tower floors, of a newly constructed office building at a price that is significantly below replacement cost is a rare opportunity.”

He continued, “We believe this transaction will once again allow us to showcase two of our greatest strengths: SL Green’s proven ability to lease office space and create value.”

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 June 30, 2014, SL Green held interests in 94 Manhattan buildings totaling 44.9 million square feet. This included ownership interests in 28.0 million square feet of commercial buildings and debt and preferred equity investments secured by 16.9 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.

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