SL GREEN TO SELL $145M LEASEHOLD INTEREST IN 673 FIRST AVENUE IN NYC

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NEW YORK CITY — SL Green Realty Corp. has entered into an agreement to sell its leasehold interest in 673 First Avenue for $145 million. The price represents a capitalization rate based on an in-place net operating income of 4.7 percent. NYU Hospitals Center is purchasing the 422,000-square-foot office building. The buyer, along with NYU School of Medicine and New York Presbyterian, occupy the building. The acquisition is expected to close during second quarter 2014. Bruce Mosler, Michael Rotchford, Mark Mandell and David Heller of Cushman & Wakefield represented the buyer in the transaction. Fried, Frank, Harris, Shriver & Jacobson LLP represented SL Green in the transaction.

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