SL GREEN/MOINIAN JOINT VENTURE SELLS MANHATTAN OFFICE TOWER FOR $470M
NEW YORK — SL Green Realty Corp. (NYSE: SLG) and its joint venture partner, The Moinian Group, have entered into an agreement to sell 180 Maiden Lane for $470 million.
JV Murray Hill Properties and Clarion Partners will purchase the Manhattan office tower. The sale is expected to close during the fourth quarter of 2014, subject to customary closing conditions.
“We are very pleased with the outcome of our investment in 180 Maiden Lane,” says Isaac Zion, co-chief investment officer of SL Green. “ It represents the most recent example of what we believe is our unsurpassed ability to find intrinsic value in an asset and to generate significant returns for our shareholders, as evidenced by our internal rate of return on the investment of approximately 16 percent. The monetization of our equity in this transaction will allow us to redeploy capital into other value-creating opportunities.”
180 Maiden Lane is located in the heart of the Financial District with access to all major subway lines. The tower has views of the New York Harbor, Statue of Liberty, South Street Seaport, the East River and Midtown. The building includes a state of the art cafeteria, a four-story glass enclosed atrium and an on-site fitness center.
SL Green and The Moinian Group formed the joint venture to recapitalize and refinance 180 Maiden Lane in November 2011. Along with taking a 49.9 percent ownership position in the joint venture, SL Green assumed management and leasing responsibilities of the office tower.
New York City-based SL Green Realty is a real estate investment trust focused on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2014, SL Green held interests in 94 Manhattan buildings totaling 44.9 million square feet.
SL Green Realty’s stock price closed at $103.99 per share on Tuesday, Sept. 16, up from $90.82 per share a year ago.
— Danielle Everson