New York, NY - October 25, 2010- SL Green Realty Corp. (NYSE: SLG), New York City's largest owner of commercial office properties, owning more than 20 million square feet of office space in Manhattan, and The Moinian Group, headed by developer Joseph Moinian, today announced they have reached an agreement to recapitalize Three Columbus Circle - a midtown Manhattan office tower currently in the final stages of a major redevelopment. The recapitalization includes a standby mortgage commitment and a potential future investment by SL Green that will make funds available for the completion of the redevelopment and lease-up of the property.
The Moinian Group will direct the completion of the $175 million transformation of Three Columbus Circle. The property is a 26-story 768,565-square-foot property located at 1775 Broadway that occupies the entire block between Broadway and Eighth Avenue and between 57th and 58th streets. It overlooks Columbus Circle and the southwest entrance to Central Park. The complete modernization, which is near completion, will reposition Three Columbus Circle as a Class A property expected to attract office and retail tenants seeking high-quality space in a prestigious location.
Joseph Moinian, Chairman and Chief Executive Officer of The Moinian Group, stated, "We've had a longstanding, successful relationship with SL Green and we are happy to be joining forces with them once again - they are the ideal partner with a strong leasing track record in Manhattan who shares our long-term vision for Three Columbus Circle."
Marc Holliday, Chief Executive Officer of SL Green, stated, "We have worked with Joe Moinian on several highly successful transactions and look forward to teaming up with him to complete the Three Columbus Circle redevelopment project, delivering it to the market and leasing it up."
FTI Schonbraun McCann acted as advisors for this transaction.
About SL Green Realty Corp.
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 September 30, 2010, the Company owned interests in 30 New York City office properties totaling approximately 22,324,460 square feet, making it New York's largest office landlord. In addition, at September 30, 2010, SL Green held investment interests in, among other things, eight retail properties encompassing approximately 366,312 square feet, three development properties encompassing approximately 399,800 square feet and two land interests, along with ownership interests in 31 suburban assets totaling 6,804,700 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.
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For SL Green:
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SL Green Realty Corp.
For Moinian Group:
Great Ink Communications