New York, NY – December 5, 2011 – (RealEstateRama) — SL Green Realty Corp. (NYSE: SLG), New York City’s largest commercial office landlord, today announced it has acquired all of the interests in 51 E. 42nd Street, a Midtown Manhattan office building that faces Grand Central Terminal along Vanderbilt Avenue.
With the transaction announced today, SL Green now owns all of the buildings on the block bounded by Madison and Vanderbilt Avenues between East 42nd and East 43rd streets. The other buildings include 317 Madison Avenue acquired in 2001, and 331 Madison Avenue and 48 East 43rd Street which were acquired in 2007. The Company is the dominant office property owner in the Grand Central submarket.
The 18-story building, which measures approximately 142,000 square feet, is 94% occupied.
SL Green Co-Chief Investment Officer Isaac Zion commented, “Given the significant challenges associated with acquiring assets in the highly competitive Midtown Manhattan marketplace this acquisition is once again a testament to SL Green’s ability to source and execute off-market transactions and make strategic investments that position the company for continued long-term growth.”
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 September 30, 2011, SL Green owned interests in 58 Manhattan properties totaling more than 35.3 million square feet. This included ownership interests in 25.8 million square feet of commercial properties and debt and preferred equity investments secured by 9.5 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests and debt and preferred equity interests in 32 suburban assets totaling 7.3 million square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey, along with four development properties in the suburbs encompassing approximately 465,000 square feet.
