SL Green Realty Corp. reports developments tied to its role as a Manhattan-focused office real estate investment trust and landlord. News commonly covers office leasing activity across major New York properties, asset management assignments through Green Property Services, development and adaptive reuse projects such as One Madison Avenue, and portfolio exposure to office and select retail real estate.
Company updates also include dividend actions, credit facility refinancing, debt fund and capital-platform activity, operating and financial results, and governance or leadership changes. These announcements reflect SL Green’s recurring focus on leasing, financing, portfolio management, and shareholder distributions within the Manhattan commercial real estate market.
SL Green Realty Corp. (NYSE:SLG), New York City's largest office landlord, announced the sale of its 160,000 square foot property at 707 Eleventh Avenue for $95 million. This sale, purchased at $90 million in January 2020, is expected to close in Q1 2022 and aims to facilitate corporate debt repayment. The transaction underscores strong investor interest in quality real estate within Manhattan, as noted by SL Green's Senior VP, Harrison Sitomer. The company currently manages 76 buildings totaling 35.3 million square feet, focusing on maximizing property value.
SL Green Realty Corp. (NYSE:SLG) has successfully refinanced its unsecured corporate credit facility, reducing its overall size and cost. The revolving credit has decreased by $250 million to $1.25 billion, with a maturity extension to May 2027. The funded term loan component also reduced by $250 million to $1.05 billion with similar maturity extensions and lower borrowing costs. CFO Matt DiLiberto highlighted strong lending support and a strategic reduction in the facility size that aligns with a $3.2 billion equity base reduction through asset sales.
SL Green Realty Corp. (NYSE:SLG) has announced the sale of its leasehold interest in 1080 Amsterdam Avenue for $42.5 million, resulting in a gain of over $15 million. The sale is part of SL Green's strategy to consolidate its portfolio into core assets as New York City's residential market recovers. The property, located near Columbia University, features 96 apartments and two commercial units. The transaction is expected to close in January 2022, pending customary conditions.
SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, has announced the sale of its ownership interest in the office and garage condominiums at 110 East 42nd Street for $117.075 million. The transaction, set to close by the end of 2021, will allow SL Green to fund its share repurchase program. Senior Vice President Harrison Sitomer noted ongoing demand for well-located assets in Midtown, and the sale represents a successful execution of the company’s strategy to divest non-core assets while reinvesting in its stock. As of September 30, 2021, SL Green held interests in 76 buildings totaling 35.3 million square feet.
SL Green Realty Corp. (NYSE: SLG) announced the signing of two new leases at One Vanderbilt Avenue, totaling over 19,500 square feet, alongside Bloomberg LP's expansion lease at 919 Third Avenue, now totaling 748,415 square feet. In the fourth quarter alone, SL Green has secured 359,032 square feet in leases, contributing to a total of 1.7 million square feet leased in 2021. These developments affirm SL Green's strong position in Manhattan's office market, with One Vanderbilt now at 92.7% occupancy.
SL Green Realty Corp. (NYSE:SLG) has sold a 25% stake in One Madison Avenue for at least $259.3 million to an international investor, maintaining a 25.5% interest. The $2.3 billion project is set to transform the site into a state-of-the-art office tower and is currently ahead of schedule and under budget. Construction, expected to create over 3,000 jobs, incorporates a focus on health and wellness with enhanced air circulation and ample natural light. CEO Marc Holliday noted strong institutional interest in premier assets like One Madison Avenue.
SL Green Realty Corp. has announced a 2.5% increase in its annual ordinary dividend to $3.73 per share, set to be paid monthly. The first payment of $0.3108 is scheduled for January 18, 2022, to shareholders recorded by December 15, 2021. Additionally, a special dividend of $2.4392 per share will be issued, totaling approximately $2.75 per share when combined with the ordinary dividend. A reverse stock split is also planned, effective January 21, 2022.
SL Green Realty Corp. (NYSE:SLG) has declared a monthly dividend of $0.3033 per share, payable on December 15, 2021, to shareholders on record by November 30, 2021. As Manhattan's largest office landlord, SL Green focuses on acquiring and managing commercial properties, holding interests in 76 buildings totaling 35.3 million square feet as of September 30, 2021. The press release also contains forward-looking statements, cautioning investors about potential risks related to the ongoing COVID-19 pandemic.
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SL Green Realty Corp. (NYSE:SLG) announced the sale of 590 Fifth Avenue for $103.0 million, valuing the property at $1,000 per square foot. This sale reflects the strong demand for well-located office and retail properties in New York City. The 19-story building, acquired by SL Green in October 2020, spans 103,000 square feet and features prime retail space. The transaction signifies progress in SL Green's 2021 business strategy, as the company remains on track to meet its annual goals. As of September 30, 2021, SL Green manages 76 buildings totaling 35.3 million square feet.