SL Green Renews Viacom Lease Through 2031

SL Green Realty Corp. (NYSE: SLG) today announced that Viacom Inc. (NASDAQ: VIA, VIAB) has renewed its commitment at 1515 Broadway by extending and expanding the company's occupancy at the iconic Times Square tower through 2031. Viacom's future expansion is expected to cover the balance of the building's office space after 2020. One of the world's leading media companies, Viacom is synonymous with Times Square resulting from its longstanding presence and highly visible broadcast studio overlooking the bow-tie of the square.

The transaction announced today is believed to be the largest-ever New York City office lease other than a few sale-leaseback arrangements.

This record breaking lease follows right on the heels of a recently closed $775 million first mortgage refinancing by Bank of China. The financing is for a term of seven years and replaces the previous $447 million financing. Excess proceeds will be used to fund this transaction and for general corporate purposes.

Marc Holliday, Chief Executive Officer of SL Green, stated, "Times Square is one of the world's best-known locations, which makes it the perfect home for a high-profile company such as Viacom. The company has been a corporate anchor in Times Square for over 20 years and the extraordinary building branding opportunity provided in this lease will allow Viacom to increase its corporate visibility to millions of New York City visitors at the 'Crossroads of the World' for years to come. The transaction reaffirms the desirability for trophy assets located in the prime areas of midtown Manhattan."

Philippe Dauman, President and Chief Executive Officer of Viacom, said, “New York City is the undisputed media capital of the world, and a vibrant source of inspiration for Viacom’s innovative and creative employees. We have had a great partnership with SL Green and have been proud to help lead the revitalization of the Times Square neighborhood for two decades. We could not be more pleased to extend our commitment to New York City and Times Square well into the future.”

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