SL Green and Ivanhoé Cambridge Sign Long Term Lease Agreement with Citi At
388-390 Greenwich Street
NEW YORK -- December 19, 2013
SL Green Realty Corp. (NYSE:SLG) and partner Ivanhoé Cambridge announced today
that an affiliate of Citigroup Inc. (“Citi”) has signed an agreement extending
Citi's triple-net leases covering 2,634,670 square feet at 388-390 Greenwich
Street through December 31, 2035. The agreement includes an option for Citi to
acquire the properties during the period from December 1, 2017 through
December 31, 2020.
“We worked tirelessly to structure a transaction that is advantageous to all
parties, and we are extremely pleased that Citi has extended its long-term
commitment to Downtown Manhattan,” said Marc Holliday, Chief Executive Officer
of SL Green Realty Corp. “Citi is one of the world’s great financial
institutions. SL Green has enjoyed being its largest landlord and we are
pleased to continue this strong and highly valued relationship.”
“We congratulate our partner SL Green on the closing of this major transaction
which re-affirms a long-standing relationship with one of the world’s premier
financial institutions and assures that the property will maintain its status
as one of the leading buildings of New York,” added Daniel Fournier, Chairman
and CEO, Ivanhoé Cambridge.
388 Greenwich is a 39-story tower with highly efficient floors and sweeping,
unobstructed views. 390 Greenwich is an 8-story building featuring 94,000 sq.
ft. floors that are considered some of the finest trading floors in the world.
CBRE’s Robert Alexander, Michael Geoghegan, Andrew Sussman and Michael Wellen
represented Citibank while SL Green acted on behalf of the landlord
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, 2013, SL Green owned interests in 89 Manhattan
properties totaling 42.3 million square feet. This included ownership
interests in 23.9 million square feet of commercial properties and debt and
preferred equity investments secured by 14.9 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 three
development properties in the suburbs encompassing approximately 0.4 million
square feet. The Company also has ownership interests in 28 properties
totaling 3.7 million square feet in southern California.
About Ivanhoé Cambridge
Ivanhoé Cambridge is a world-class real estate company that leverages its
high-level expertise in all aspects of real estate including investment,
development, asset management, leasing and operations, to deliver an optimal
return for its investors. Through its multiple subsidiaries, its assets in
more than 20 countries were valued at over Cdn$35 billion as at December 31,
2012. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et
placement du Québec (lacaisse.com), one of Canada's leading institutional fund
managers. For more information, visit ivanhoecambridge.com.
Forward Looking Statements
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, are forward-looking statements. Forward-looking statements are not
guarantees of future performance 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, many of which are beyond our control, 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. Factors and risks to our
business that could cause actual results to differ from those contained in the
forward-looking statements 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 otherwise.
SL Green Realty Corp.
Steven Durels, 212-594-2700
Executive Vice President, Director of Leasing and Real Property
Heidi Gillette, 212-594-2700
Director, Investor Relations
Melanie Keenan, 212-843-8092
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