NEW YORK--(BUSINESS WIRE)--
SL Green Realty Corp. (NYSE: SLG), New York City's largest office
property owner, and private investment manager, RXR Realty, today
announced that they have signed an agreement to acquire a combined 48.7%
interest in Worldwide Plaza, a Class A, trophy asset located in Midtown
Manhattan. The interest is being sold by New York REIT (NYSE: NYRT),
which will continue to own the remaining equity with WWP Sponsor, LLC,
its existing partner. The transaction, which is expected to be completed
in the fourth quarter of 2017 subject to customary closing conditions,
values the asset at $1.725 billion.
Worldwide Plaza, developed in 1989, consists of a 49-story, 1.8
million-square-foot Class A office tower, a 252,000 retail building with
a parking garage, and a large open-air plaza. The property is part of a
mixed-use development that encompasses an entire block between 49th
and 50th streets and between 8th and 9th
avenues. The office building serves as the North American Headquarters
for Nomura Holdings, Inc. and Cravath Swaine and Moore LLP, as well as
other high-quality office tenants including WebMD, WNet.org, the
Rubenstein public relations organization and CBS Broadcasting. The
retail building features a five-stage off-Broadway theater, a 475-space
parking garage and TMPL, a state-of-the-art fitness gym. The complex is
Worldwide Plaza sits at the juncture of Manhattan's Columbus Circle and
Times Square submarkets, and north of the emerging Hudson Yards area.
The property features excellent public transportation access, including
direct entry to New York's E and C subway trains, short walks to the B,
D, N, Q, R, and 1 lines and the Port Authority Bus Terminal, crosstown
bus service and shuttle service to the nearby New York Waterway ferry.
"With convenient access to transit, a slate of top-tier tenants, and a
historic reputation, the iconic Worldwide Plaza building is poised for a
big future. We look forward to working with NYRT and SL Green to further
enhance Worldwide Plaza's position as a commercial destination in
Midtown West," said Scott Rechler, Chairman and CEO of RXR Realty.
"The acquisition of Worldwide Plaza allows us to expand our footprint on
Manhattan's West Side through investing in a Class A asset that is fully
leased to institutional tenants," commented SL Green Co-Chief Investment
Officer, David Schonbraun. "We are excited to partner with NYRT and RXR
in our efforts to drive value at the property and participate in the
growth of this neighborhood."
About SL Green Realty Corp.
SL Green Realty Corp., an
S&P 500 company and New York City's largest office landlord, is a fully
integrated real estate investment trust, or REIT, that is focused
primarily on acquiring, managing and maximizing value
of Manhattan commercial properties. As of June 30, 2017, the Company
held interests in 119 Manhattan buildings totaling 47.4 million square
feet. This included ownership interests in 27.5 million square feet of
Manhattan buildings and debt and preferred equity investments secured by
19.9 million square feet of buildings. In addition, the Company held
ownership interests in 29 suburban buildings totaling 4.6 million square
feet in Brooklyn, Long Island, Westchester County, Connecticut and New
Jersey. To be added to the Company's distribution list or to obtain the
latest news releases and other Company information, please visit our
website at www.slgreen.com or
contact Investor Relations at (212) 594-2700.
RXR Realty LLC ("RXR") is a vertically
integrated private real estate operating company with expertise in
investment management, property management, development, design,
construction, leasing and financing. RXR's core growth strategy is
focused on New York City and the surrounding tri-state area markets. RXR
is one of the largest owners, managers, and developers in the New York
Tri-State area. The RXR platform manages 74 commercial real estate
properties and investments with an aggregate gross asset value of
approximately $15.7 billion as of June 30, 2017, comprising
approximately 22.1 million square feet of commercial operating
properties and approximately 5,200 multi-family and for sale units under
active development in the New York Metropolitan area.
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includes certain statements that may be deemed to be "forward-looking
statements" within the meaning of the Private Securities Litigation
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SL Green Realty Corp.
Chief Financial Officer
Source: SL Green Realty Corp.
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