SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, today announced that it has fully capitalized its 100% pre-committed development for Pace University at 126 Nassau Street by executing the following transactions:
Entered into a partnership agreement with a real estate fund managed by Meritz Alternative Investment Management, who holds an 80% interest in the new joint venture, with SL Green retaining a 20% interest and oversight of the development; and
Closed on a $125.0 million construction financing facility provided by The Bank of China.
"Securing both a joint venture partner and construction facility for this project is a vote of confidence in SL Green’s ability to deliver best-in-class new development to New York City’s most prominent users. It also further solidifies Lower Manhattan’s long-term status as a commercial, academic, retail and residential hub." said Harrison Sitomer, Senior Vice President of SL Green. "Today’s announcements are the next step in the execution of our development strategy, and we look forward to delivering another world class facility to Pace in 2023."
126 Nassau Street is part of Pace University’s NYC Master Plan to revitalize its Lower Manhattan campus. Plans for the new 215,000 square foot building include a new residence hall, a modern dining facility, a state-of-the-art library and learning center, as well as new classrooms, and academic and common spaces.
About SL Green
SL Green Realty Corp., an S&P 500 company and Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2020, SL Green held interests in 96 buildings totaling 41.0 million square feet. This included ownership interests in 28.7 million square feet of Manhattan buildings and 11.2 million square feet securing debt and preferred equity investments.
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Source: SL Green Realty Corp.
SLG – A&D
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