SL Green Realty Corp. (NYSE: SLG) announced today that it has acquired
the first mortgage loan secured by the property at 510 Madison Ave, New
York, NY from The Union Labor Life Insurance Company.
Situated on the southwest corner of Madison Avenue and 53rd
Street, 510 Madison Avenue is currently the only brand new, state-of-the
art building located in the prestigious Plaza district. The
approximately 345,100 rentable square foot office building is slated to
offer top of the line amenities. The Property has prestigious ground
floor retail space with frontage along the highly coveted retail
corridor on Madison Avenue, and also features floor-to-ceiling windows
and column-free tower floors.
Marc Holliday, Chief Executive Officer of SL Green, stated, "While the
commercial office sales market in Midtown has been in an essential deep
freeze, we have been actively exploring opportunities on the structured
finance front – looking for situations where we can take debt positions
which would garner us attractive returns. The acquisition of this loan
is a phenomenal and unique opportunity for SL Green to invest in what is
sure to be one of Midtown’s most desirable addresses.”
Company Profile
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, 2009, the Company owned interests in 29 New York City office
properties totaling approximately 23,211,200 square feet, making it New
York's largest office landlord. In addition, at September 30, 2009, SL
Green held investment interests in, among other things, eight retail
properties encompassing approximately 374,812 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.
To be added to the Company's distribution list or to obtain the latest
news releases and other Company information, please visit our website at www.slgreen.com
or contact Investor Relations at 212-216-1601.
Forward-looking Statement
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, including such matters as
future capital expenditures, dividends and acquisitions (including the
amount and nature thereof), development trends of the real estate
industry and the Manhattan, Westchester County, Connecticut, Long Island
and New Jersey office markets, business strategies, expansion and growth
of our operations and other similar matters, are forward-looking
statements. These forward-looking statements are based on certain
assumptions and analyses made by us in light of our experience and our
perception of historical trends, current conditions, expected future
developments and other factors we believe are appropriate.
Forward-looking statements are not guarantees of future performance
and actual results or developments may materially differ, and we caution
you not to place undue reliance on such statements.
Forward-looking
statements are generally identifiable by the use of the words "may,"
"will," "should," "expect," "anticipate," "estimate," "believe,"
"intend," "project," "continue," or the negative of these words, or
other similar words or terms.
Forward-looking statements contained in this press release are
subject to a number of risks and uncertainties which 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.
These risks and
uncertainties include the effect of the credit crisis on general
economic, business and financial conditions, and on the New York Metro
real estate market in particular; dependence upon certain geographic
markets; risks of real estate acquisitions, dispositions and
developments, including the cost of construction delays and cost
overruns; risks relating to structured finance investments; availability
and creditworthiness of prospective tenants and borrowers; bankruptcy or
insolvency of a major tenant or a significant number of smaller tenants;
adverse changes in the real estate markets, including reduced demand for
office space, increasing vacancy, and increasing availability of
sublease space; availability of capital (debt and equity); unanticipated
increases in financing and other costs, including a rise in interest
rates; our ability to comply with financial covenants in our debt
instruments; our ability to maintain our status as a REIT; risks of
investing through joint venture structures, including the fulfillment by
our partners of their financial obligations; the continuing threat of
terrorist attacks, in particular in the New York Metro area and on our
tenants; our ability to obtain adequate insurance coverage at a
reasonable cost and the potential for losses in excess of our insurance
coverage, including as a result of environmental contamination; and
legislative, regulatory and/or safety requirements adversely affecting
REITs and the real estate business, including costs of compliance with
the Americans with Disabilities Act, the Fair Housing Act and other
similar laws and regulations.
Other factors and risks to our business, many of which are beyond our
control, 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 otherwise.
