SL Green Completes $547M of Transactions

NEW YORK CITY-SL Green Realty Corp. has closed six different transactions totaling $546.5 million. The deals include three acquisitions, two dispositions and one recapitalization.

Citigroup Global Markets Inc. has sold 333 W. 34th St. for $183 million, or about $530 per sf, to SL Green. The firm walks away with a fully occupied, 10-story, 345,400-sf office building in the recently rezoned Hudson Yards area. The building, which is completely occupied by Citigroup till 2009, also has 125 feet of retail frontage on 34th Street.

“333 West 34th St. is a unique opportunity to acquire an institutional quality property with an above standard infrastructure,” says president and CIO Andrew Mathias. “When Citigroup vacates the property in 2009, we will bring to market a large block of space to capture Midtown Manhattan’s rising rents. We have had great success in attracting large users at our Grand Central Square and 625 Madison Ave. redevelopment projects.”