Content area
Full Text
Industry: LEISURE/TRAVEL/HOTELS; REAL ESTATE
Company Expands Its Presence In Manhattan's Dynamic Grand Central District and
Times Square Redevelopment Area Submarkets
NEW YORK, March 18 /PRNewswire/ -- SL Green Realty Corp. (NYSE: SLG) announced today that it has closed on the acquisition of 1466 Broadway, and the long-term operating leasehold of 420 Lexington Avenue (The Graybar Building), two midtown Manhattan office buildings which had been owned by the Helmsley partnerships. Of particular note is that this closing occurred within 45 days of the contract signing date.
The properties, comprising a combined total of 1.5 million square feet of office and retail space, were purchased for approximately $142 million (before transaction and capital improvement costs). SL Green arranged interim debt financing through Lehman Brothers Holdings, Inc. to provide funds to complete the transaction.
Commenting on today's news, Stephen L....