NEW YORK, Dec. 06, 2021 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (SLG) - Get SL Green Realty Corp. Report, Manhattan's largest office landlord, today announced the sale of its ownership interest in the office and garage condominiums at 110 East 42nd Street for a gross sale price of $117.075 million to Meadow Partners, which is acquiring the property on behalf of a separately managed account. The transaction is expected to close by the end of 2021, subject to customary closing conditions. Proceeds from the sale will be used for the Company's share repurchase program.
"We continue to see demand for well-located assets near transportation in Midtown and across the Manhattan," said Harrison Sitomer, Senior Vice President of SL Green. "Completion of this transaction at an attractive cap rate represents another successful execution in our ongoing strategy to divest of non-core assets and accretively reinvest the capital into our deeply discounted stock."
110 East 42 nd Street is located directly across from Grand Central Terminal and SL Green's award-winning development, One Vanderbilt Avenue. The office condominium, which comprises a portion of the ground floor and the sixth through eighteenth floors, was originally built in 1923. Its exterior, lobby and the separate Cipriani event hall condominium in the base of the building have all been designated New York City Landmarks. SL Green previously sold the office condominium in 2007 and assumed control of it again in 2011. The garage condominium was acquired in 2013.
About SL Green Realty Corp.
SL Green Realty Corp., Manhattan's largest office landlord, is a 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, 2021, SL Green held interests in 76 buildings totaling 35.3 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 7.3 million square feet securing debt and preferred equity investments.
Forward Looking Statement
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