Under the joint venture, SL Green has a 50.6% interest and SITQ has a 49.4% interest. The two buildings, completed in the late 1980s, form a campus located on the Hudson River Waterfront that straddles the Tribeca and World Financial Center.
Amenities at the 40-story 388 Greenwich St. headquarters include full-service dining facilities, fitness center, medical center, conference center, day care and an outdoor park area. 390 Greenwich St. features 10 stories of trading facilities and offices with floor plates ranging from more than 72,000 sf to over 93,000 sf.
SL Green CEO Marc Holliday says in a prepared statement that "this acquisition is a terrific investment for us--with attractive low-rate committed financing. In addition to normal rental income, our innovative joint venture structure with SITQ provides for fees and promotes that will enhance SL Green's returns."
Holliday continues that the deal was completed in a very short time frame and further "demonstrates SL Green's well-known ability to identify attractive deal opportunities and then get them done. Quick and certain execution are an important advantage which helps us to stand out in the marketplace. This transaction also reinforces our reputation as a preferred landlord to Citigroup."
When the agreement was initially revealed, Paul Campbell, president and CEO of SITQ, said that the company sees this as a "terrific way to invest in some of Downtown Manhattan's truly iconic properties. To do so alongside SL Green…made it all the more attractive to us. As New York City market conditions continue to evolve, we will look for additional opportunities."
Mortgage financing for the transaction has been provided by Westdeutsche ImmobilienBank AG and PB Capital Corp. and arranged by Cushman & Wakefield Sonnenblick-Goldman LLC. The law firms of Fried, Frank, Harris, Shriver & Jacobson LLP and Greenberg Traurig represented SL Green.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
