New York, NY – June 9, 2008 – SL Green Realty Corp. (NYSE: SLG) today announced that is has completed three separate, but linked, transactions. The transactions include:
West LB (Westdeutsche Landesbank) Buyout: West LB surrendered the entire 7th floor at 1185 Avenue of the Americas covering 27,508 square feet, which had eight years of a remaining term at below market rent. The surrender included a buyout fee paid to the landlord.
RSM McGladry Expansion and Extension: RSM McGladry expanded into the space surrendered by West LB. Additionally, RSM extended its existing lease term within 1185 Avenue of the Americas by three years and eliminated an existing right to cancel in 2011 resulting in a total commitment of 164,771 square feet. Simultaneously RSM surrendered an existing lease covering 52,418 square feet at 750 Third Avenue, which had approximately five years of remaining term at below market rent.
Regent Business Centers New Lease: Regent Business Centers signed a new 10-year lease covering the 52,418 square feet surrendered by RSM McGladry at 750 Third Avenue.
“This series of transactions required delicate balance in negotiating the priorities and schedules of various unrelated parties,” said Steven Durels, Executive Vice President and Director of Leasing and Real Property for SL Green. “The result unlocked significant rental value and mitigates future lease expiration exposure.”
RSM McGladrey is one of the nation’s most prestigious accounting and tax services firms. 1185 Avenue of the Americas is a 42-story, 1.1-million-square-foot, Class-A tower located between 46th and 47th Streets.
Regent Business Centers is a leading provider of office solutions for businesses needing full service office suites. 750 Third Avenue is an 800,000-square-foot, Class-A tower located three blocks from Grand Central Terminal.
RSM McGladry was represented by John Isaacs and Kevin Powderly of CBRE. Regent Business Centers and West LB were represented by Scott Klau of Newmark Knight Frank. The landlord was represented in-house by Howard Tenenbaum, Gary Rosen, and David Kaufman.
About SL Green Realty Corp.
SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. The Company is the only publicly held REIT that specializes in this niche. As of March 31, 2008, the Company owned 31 New York City office properties totaling approximately 24,389,200 square feet, making it New York’s largest office landlord. In addition, SL Green holds investment interests in, among other things, nine retail properties encompassing approximately 400,212 square feet, one development property encompassing approximately 85,000 square feet and two land interests, along with ownership interests in 36 suburban assets totaling 7,867,500 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.
To be added to the Company’s distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at 212-216-1601.
Executive VP, Director of Leasing and Real Property
Director of Investor Relations