NEW YORK--(BUSINESS WIRE)--SL Green Realty Corp. (NYSE:SLG), an S&P 500 company and New York City's largest commercial property owner, today announced the acquisition of two mixed-use properties located at 187 Broadway and 5-7 Dey Street for $63.7 million. The transaction was completed off-market, directly with the seller.
Located adjacent to the entrance to Downtown Manhattan’s new Fulton Transit Center and one block east of the World Trade Center, the site consists of two mixed-use, retail/office buildings in a neighborhood that has undergone rapid growth in the office, residential and retail segments.
The properties sit directly across from 180 Broadway, a dormitory and retail asset that SL Green successfully developed from ground-up and, subsequently, sold in the third quarter of 2014.
SL Green Managing Director Brett Herschenfeld commented, “This transaction perfectly illustrates how SL Green seeks to use its size, market expertise, proprietary OP Unit currency and industry relationships to identify and take advantage of compelling, well-located acquisition opportunities. 187 Broadway and 5-7 Dey Street are situated adjacent to the Fulton Transit Center, which is serving as the fulcrum of the continuing revitalization of Downtown Manhattan and we are excited to once again create value in the corridor.”
The transaction is expected to close in the third quarter of 2015, subject to customary closing conditions. Carl Schwartz and Matt Scoville of Hunton & Williams represented the seller. Peter Fisch and Vincent Asaro of Paul, Weiss, Rifkind, Wharton & Garrison LLP represented the buyer.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York City'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 March 31, 2015, SL Green held interests in 117 Manhattan buildings totaling 43.6 million square feet. This included ownership interests in 29.0 million square feet of commercial buildings and debt and preferred equity investments secured by 14.6 million square feet of buildings. In addition to its Manhattan investments, SL Green held ownership interests in 37 suburban buildings totaling 5.9 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey. For more information, please visit: http://slgreen.com/
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