SL Green Reports Robust Leasing at Start of 2013 457,677 Sq. Ft. of Leases
NEW YORK -- March 4, 2013
SL Green Realty Corp. (NYSE: SLG) today announced positive leasing results for
the first two months of 2013 highlighted by a 150,865 square foot lease signed
with Eisner Amper at 750 Third Avenue. The Company also indicated that its New
York City leasing pipeline – consisting of transactions currently in late
stage negotiations or awaiting final signatures – remains very strong as well.
Thirty-five leases covering 457,677 square feet have been signed in SL Green’s
Manhattan portfolio so far this year. Activity currently in the pipeline is in
excess of 600,000 square feet.
SL Green CEO Marc Holliday commented, “Even though first-quarter leasing is
typically slow, we entered 2013 with confidence, given our overall assessment
of the New York commercial real estate market and knowing what we had in the
pipeline at that point. Our results and activity since January have far
outpaced our expectations.”
Mr. Holliday will provide further commentary at today’s Citi 2013 Global
Property CEO Conference.
Other notable leases included:
*WPP Group USA, Inc. signed a 43,294 square foot renewal lease at 100 Park
*The Federative Republic of Brazil signed a 30,320 square foot new lease at
220 East 42^nd Street.
*Major, Lindsey & Africa LLC signed a 21,677 square foot new lease at 521
*Chinatrust Commercial Bank, Ltd. signed a 20,987 square foot new lease at
521 Fifth Avenue.
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 December 31, 2012, SL Green owned interests in 85 Manhattan
properties totaling 40.8 million square feet. This included ownership
interests in 27.8 million square feet of commercial properties and debt and
preferred equity investments secured by 13.0 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.
This press release includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995 and are intended to be covered by the safe
harbor provisions thereof. 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, Queens, 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 the effect of general
economic, business and financial conditions, and their effect on the New York
metropolitan real estate market in particular; 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.
Director of Leasing and Real Property
Heidi Gillette, 212-594-2700
Director, Investor Relations
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