SL Green Sells London Office Asset

  SL Green Sells London Office Asset

Business Wire

NEW YORK -- December 03, 2012

SL Green Realty Corp (NYSE: SLG) and its partner Westcore Properties today
announced the sale of the Jersey Property Unit Trust (JPUT) that owns a
long-term leasehold interest in Procession House, a Class A office building
located at 55 Ludgate Hill in the City of London. The sale to a UK based
property company for $100 million closed on November 22, 2012.

SL Green will receive approximately $34.3 million in net proceeds from the
completed transaction and realize an internal rate of return in excess of 20%
on its investment. SL Green and Westcore acquired the property’s mortgage in
September 2010. When the mortgage defaulted in June 2012, Green Loan Services
LLC exercised remedies and put the property into receivership.

David Schonbraun, Co-Chief Investment Officer commented, “The sale of
Procession House represents the highly successful conclusion of what was a
unique investment for SL Green, outside our usual geographic focus, but
certainly within our debt investment and special servicing expertise.”

Procession House, built in 1999, is a fully-occupied 9,773 square-meter
(105,195 sq. ft.) building located over the City Thameslink Station. The 9,129
square-meter (98,262 sq. ft.) office component is leased to Goldman Sachs
International until September 2024. The remaining retail space is leased as

Jones Lang LaSalle’s London investment sales team led by Andrew Hawkins
marketed the sale of the asset.

About SL Green Realty Corp.

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, 2012, SL Green owned interests in 77 Manhattan
properties totaling 39.3 million square feet. This included ownership
interests in 27.5 million square feet of commercial properties and debt and
preferred equity investments secured by 11.8 million square feet of
properties. In addition to its Manhattan investments, SL Green holds ownership
interests in 31 suburban assets totaling 5.4 million square feet in Brooklyn,
Long Island, Westchester County, Connecticut and New Jersey, along with four
development properties in the suburbs encompassing approximately 0.5 million
square feet. The Company also has ownership interests in 31 properties
totaling 4.5 million square feet in southern California.

Forward Looking Statements

This press release includes certain statements that may be deemed to be
“forward-looking statements.” All statements, other than statements of
historical facts, included in this press release that address activities,
events or developments that we expect, believe or anticipate will or may occur
in the future, including such matters as future capital expenditures,
dividends and acquisitions (including the amount and nature thereof),
development trends of the real estate industry and the Manhattan, Brooklyn,
Westchester County, Connecticut, Long Island and New Jersey office markets,
business strategies, expansion and growth of our operations and other similar
matters, are forward-looking statements. These forward-looking statements are
based on certain assumptions and analyses made by us in light of our
experience and our perception of historical trends, current conditions,
expected future developments and other factors we believe are appropriate.

Forward-looking statements are not guarantees of future performance and actual
results or developments may differ materially, and we caution you not to place
undue reliance on such statements. Forward-looking statements are generally
identifiable by the use of the words “may,” “will,” “should,” “expect,”
“anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” or the
negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a
number of risks and uncertainties that may cause our actual results,
performance or achievements to be materially different from future results,
performance or achievements expressed or implied by forward-looking statements
made by us. These risks and uncertainties include dependence upon certain
geographic markets; risks of real estate acquisitions, dispositions and
developments, including the cost of construction delays and cost overruns;
risks relating to structured finance investments; availability and
creditworthiness of prospective tenants and borrowers; bankruptcy or
insolvency of a major tenant or a significant number of smaller tenants;
adverse changes in the real estate markets, including reduced demand for
office space, increasing vacancy, and increasing availability of sublease
space; availability of capital (debt and equity); unanticipated increases in
financing and other costs, including a rise in interest rates; our ability to
comply with financial covenants in our debt instruments; our ability to
maintain our status as a REIT; risks of investing through joint venture
structures, including the fulfillment by our partners of their financial
obligations; the continuing threat of terrorist attacks, in particular in the
New York metropolitan area and on our tenants; our ability to obtain adequate
insurance coverage at a reasonable cost and the potential for losses in excess
of our insurance coverage, including as a result of environmental
contamination; and legislative, regulatory and/or safety requirements
adversely affecting REITs and the real estate business, including costs of
compliance with the Americans with Disabilities Act, the Fair Housing Act and
other similar laws and regulations.

Other factors and risks to our business, many of which are beyond our control,
are described in our filings with the Securities and Exchange Commission. We
undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of future events, new information or


SL Green Realty Corp
David Schonbraun, Co-Chief Investment Officer
Heidi Gillette, Director, Investor Relations
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