Jacob Werner, Principal in Blackstone’s real estate group, said, “We are excited about the opportunity to form a joint venture with such terrific partners, including SL Green, and to make an additional investment in high-quality office assets in Southern California. We believe our investment of capital should allow the portfolio to fully benefit from the continued market recovery.”
The extended $678.8 million mortgage financing was led by New York Life Insurance Company, as Agent, and the following lenders: DekaBank Deutsche Girozentrale, Westdeutsche ImmobilienBank AG, Muenchener Hypothekenbank eG and Wells Fargo Bank. Total financing on the portfolio after the recapitalization is $746.8 million.
Goldman, Sachs & Co. acted as advisor to SL Green, Gramercy and Square Mile on the transaction.
About SL Green:
SL Green Realty Corp., New York City's largest office landlord, is the only 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, 2012, SL Green owned interests in 71 Manhattan properties totaling more than 39.2 million square feet. This included ownership interests in 27.4 million square feet of commercial properties and debt and preferred equity investments secured by 11.8 million square feet of properties. SL Green also owns 385 residential units in Manhattan encompassing approximately 0.5 million square feet. In addition to its Manhattan investments, SL Green holds ownership interests in 32 suburban assets totaling 6.9 million square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey, along with four development properties in the suburbs encompassing approximately 0.5 million square feet.
Blackstone is one of the world’s leading investment and advisory firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. We do this through the commitment of our extraordinary people and flexible capital. Our alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-oriented funds and closed-end funds. The Blackstone Group also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at
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About Equity Office:
Equity Office is a wholly owned portfolio company of Blackstone. The company manages more than 70 million square feet of Class A office space throughout the U.S., with concentrations in California, Boston and New York. Additional information about Equity Office is available on the company’s website at
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