SL Green and Ivanhoé Cambridge Sign Long Term Lease with Citi At 388-390
NEW YORK, Dec. 19, 2013 /CNW Telbec/ - 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 ft(2) (244768m(2)) 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
ft(2) floors that are considered some of the finest trading floors in the
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.
SOURCE Ivanhoé Cambridge
SL Green Realty Corp. Steven Durels Executive Vice President, Director of
Leasing and Real Property
-or- Heidi Gillette Director, Investor Relations +1.212.594.2700 -or-
Rubenstein Associates Melanie Keenan +1.212.843.8092 firstname.lastname@example.org
Ivanhoé Cambridge Sébastien Théberge
email@example.com Global: +1866456-3342
Image with caption: "388-390 Greenwich Street, NYC (CNW Group/Ivanhoé
Cambridge)". Image available at:
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-0- Dec/19/2013 21:50 GMT
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