SL Green To Sell Office Building, Retail Condo Units; Sees $40M Proceeds

SL Green To Sell Office Building, Retail Condo Units; Sees $40M Proceeds    

DOW JONES NEWSWIRES

SL Green Realty Corp. (SLG) on Thursday disclosed a pair of sales expected to generate roughly $40 million in net proceeds for the real-estate investment trust.

SL Green, one of the largest owners of New York office space, said it would sell the leased fee interest at its 292 Madison Avenue property for $85 million, or $440 per square foot. The company expects the sale to deliver $22.7 million in net proceeds.

"We believe that this transaction demonstrates that well located and well leased New York City office assets are in strong demand," said SL Green President Andrew Mathias.

In the second sale, SL Green said it and a joint partner have agreed to sell two New York retail condominium units for $46 million, a transaction it expects to generate roughly $17.5 million in net proceeds.

Meanwhile, the company also said Thursday that it has entered into three lease transactions totaling 317,758 square feet, activity the company said continues a trend of healthy leasing activity seen this year.

Like many of its peers, SL Green is still benefiting as commercial real-estate conditions improve faster in key urban markets than in some suburban areas. The company on Wednesday reported its third-quarter earnings fell 88% absent a large loan-repayment gain in the prior year period.

Shares were up 4.4% at $70.50 in early trading. The stock is about flat since the start of the year through Wednesday's close.

-By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com

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