Bloomberg News

SL Green Buys Stake in AIG Headquarters, Sells Queens Building

November 15, 2011

Nov. 14 (Bloomberg) -- SL Green Realty Corp., New York’s biggest office landlord, bought a 49.9 percent stake in a lower Manhattan skyscraper and agreed to sell the tallest building in the borough of Queens.

The deal for 180 Maiden Lane in Manhattan’s financial district values the property at $390 a square foot, the New York-based real estate investment trust said today in a statement. The company formed a joint venture with owner Joseph Moinian to refinance debt on the 41-story tower, which is the headquarters of insurer American International Group Inc.

SL Green also agreed to sell 1 Court Square, a 50-story Queens skyscraper fully leased by Citigroup Inc., for $476 million, or about $340 a square foot, according to a separate statement. It expects to realize $42.8 million in net proceeds.

Rick Matthews, an SL Green spokesman, declined to comment on the buyer. Eastdil Secured LLC represented SL Green on the transaction, the REIT said.

SL Green is providing $41 million of cash and operating partnership units valued at $31.7 million to the 180 Maiden Lane deal with Moinian, the company said. The venture refinanced $344.2 million of debt on the 1.1 million-square-foot (102,000- square-meter) property with a five-year, $280 million mortgage with Bank of China Ltd. and Canadian Imperial Bank of Commerce.

--Editors: Kara Wetzel, Daniel Taub

To contact the reporter on this story: David M. Levitt in New York at dlevitt@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net


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