SL Green Announces Sale of 414,317 Square Foot Commercial

NEW YORK, Sept. 12, 2022 (GLOBE NEWSWIRE) — SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest workplace landlord, in the present day introduced that it has entered into an settlement to promote 414,317 sq. ft of vacant workplace leasehold condominium items at 885 Third Avenue – higher generally known as “The Lipstick Building” – to Memorial Sloan Kettering Cancer Center (MSK) for whole consideration of $300.4 million. The area will likely be utilized by MSK, one of the nation’s main most cancers care facilities, for educational and analysis administrative places of work. SL Green will retain the remaining 218,796 sq. ft of the constructing, which is at present 91.7% leased. The sale is anticipated to shut within the fourth quarter of 2022, topic to satisfaction of closing circumstances.

“Demand for office space from the medical industry remains strong throughout New York City, and we are pleased to welcome Memorial Sloan Kettering to 885 Third Avenue,” mentioned Harrison Sitomer, Chief Investment Officer of SL Green. “The addition of this world class institution brings the asset to near full occupancy, validating the quality of the building, the location and the comprehensive repositioning program that we recently implemented at this special asset.”

“We are pleased to partner with SL Green to provide our staff access to this state-of-the-art workspace. As we look ahead to our future space needs, inhabiting 885 Third Avenue will allow our teams to collaborate closely while streamlining our current footprint throughout our Upper East Side campus,” mentioned Jeffrey Lynn, Director of Commercial Real Estate at MSK.

One of Manhattan’s most iconic skyscrapers, 885 Third Avenue – higher generally known as “The Lipstick Building” – rises 34 tales from the nook of Third Avenue and East 53rd Street in sweeping curved setbacks of pink granite and stainless-steel. Containing roughly 633,000 sq. ft of Class A workplace area, the constructing incorporates a public plaza and is ideally situated close to public transit. Since taking management of the property, SL Green has commenced a complete repositioning program to deliver state-of-the-art facilities and infrastructure to the constructing.

Neil Goldmacher and Jason Perla represented Memorial Sloan Kettering within the transaction. Brian Waterman, Scott Klau, Eric Harris, Cole Gendels and Zach Weil of Newmark represented SL Green within the transaction.

About SL Green Realty Corp.

SL Green Realty Corp., Manhattan’s largest workplace landlord, is a totally built-in actual property funding belief, or REIT, that’s centered totally on buying, managing and maximizing worth of Manhattan business properties. As of June 30, 2022, SL Green held pursuits in 64 buildings totaling 34.4 million sq. ft. This included possession pursuits in 26.3 million sq. ft of Manhattan buildings and seven.2 million sq. ft securing debt and most popular fairness investments.

Forward Looking Statement

This press launch consists of sure statements which may be deemed to be “forward-looking statements” inside the that means of the Private Securities Litigation Reform Act of 1995 and are supposed to be coated by the secure harbor provisions thereof. All statements, aside from statements of historic information, included on this press launch that deal with actions, occasions or developments that we count on, consider or anticipate will or could happen sooner or later, are forward-looking statements. Forward-looking statements usually are not ensures of future efficiency and precise outcomes or developments could differ materially, and we warning you to not place undue reliance on such statements. Forward-looking statements are usually identifiable by the use of the phrases “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” or the detrimental of these phrases, or different comparable phrases or phrases.

Forward-looking statements contained on this press launch are topic to a quantity of dangers and uncertainties, many of that are past our management, which will trigger our precise outcomes, efficiency or achievements to be materially totally different from future outcomes, efficiency or achievements expressed or implied by forward-looking statements made by us. Factors and dangers to our business that would trigger precise outcomes to vary from these contained within the forward-looking statements embody the dangers and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by regulation, we undertake no obligation to publicly replace or revise any forward-looking statements, whether or not consequently of future occasions, new info or in any other case.

SLG – A&D

PRESS CONTACT
[email protected]