Exhibit 99.4
FOR IMMEDIATE
RELEASE
CONTACT
|
|
Gregory F.
Hughes
|
|
Chief Financial
Officer
|
|
(212)
594-2700
|
|
Or
|
|
Heidi
Gillette
|
|
Director, Investor
Relations
|
|
(212)
594-2700
|
SL Green Announces Execution
of Contract to Acquire Downtown Office Buildings for $1.575
Billion
***
Enters into Joint Venture
Ownership Agreement with SITQ
December 3, 2007 - SL Green Realty Corp. (NYSE:
SLG) announced today that it has entered into an agreement to
acquire two downtown Manhattan trophy office buildings for $1.575
billion, or $598 per square foot. The buildings, which are
adjacent and total over 2.6 million square feet, will be occupied
by a financial services tenant under the terms of a 13-year
triple-net lease that provides for annual rental increases.
The initial rental payments will provide a 6.3% un-leveraged return
on the purchase price.
SL Green also announced
that it has entered into an agreement with SITQ to form a joint
venture simultaneously with the closing of the acquisitions, with
SL Green having a 52.5% interest and SITQ having a 47.5%
interest.
SL Green Chief
Executive Officer Marc Holliday commented, “This accretive
acquisition further solidifies SL Green’s standing as New
York City’s leading office landlord. As the largest property
transaction since the current credit market difficulties began, it
demonstrates our Company’s overall reputation as a preferred
landlord, our strong financial condition, and our ability to take
advantage of compelling investment opportunities as they
arise.
He added, “We
continue to enjoy a successful working relationship with SITQ, with
whom we have previously co-invested on several
occasions.”
Paul Campbell,
President and Chief Executive Officer of SITQ, said, “We see
this as a terrific way to invest in some of Downtown
Manhattan’s truly iconic properties. To do so alongside
SL Green, with whom we have successfully collaborated in the past,
made it all the more attractive to us. As New York City
market conditions continue to evolve, we will look for additional
opportunities.”
Due to confidentiality
provisions in the purchase agreement, no further details of the
acquisition can be released at this time.
