This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

SL Green Sells London Office Asset

SL Green Realty Corp (NYSE: SLG) and its partner Westcore Properties today announced the sale of the Jersey Property Unit Trust (JPUT) that owns a long-term leasehold interest in Procession House, a Class A office building located at 55 Ludgate Hill in the City of London. The sale to a UK based property company for $100 million closed on November 22, 2012.

SL Green will receive approximately $34.3 million in net proceeds from the completed transaction and realize an internal rate of return in excess of 20% on its investment. SL Green and Westcore acquired the property’s mortgage in September 2010. When the mortgage defaulted in June 2012, Green Loan Services LLC exercised remedies and put the property into receivership.

David Schonbraun, Co-Chief Investment Officer commented, “The sale of Procession House represents the highly successful conclusion of what was a unique investment for SL Green, outside our usual geographic focus, but certainly within our debt investment and special servicing expertise.”

Procession House, built in 1999, is a fully-occupied 9,773 square-meter (105,195 sq. ft.) building located over the City Thameslink Station. The 9,129 square-meter (98,262 sq. ft.) office component is leased to Goldman Sachs International until September 2024. The remaining retail space is leased as well.

Jones Lang LaSalle’s London investment sales team led by Andrew Hawkins marketed the sale of the asset.

About SL Green Realty Corp.

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 September 30, 2012, SL Green owned interests in 77 Manhattan properties totaling 39.3 million square feet. This included ownership interests in 27.5 million square feet of commercial properties and debt and preferred equity investments secured by 11.8 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests in 31 suburban assets totaling 5.4 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey, along with four development properties in the suburbs encompassing approximately 0.5 million square feet. The Company also has ownership interests in 31 properties totaling 4.5 million square feet in southern California.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,888.35 +168.43 0.95%
S&P 500 2,102.63 +22.22 1.07%
NASDAQ 5,156.3060 +47.64 0.93%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs