SL Green, slow down! Many, many SL Green moves to discuss: As The Observer reported first on Monday, SL Green has now formally announced that it has purchased 333 West 34th Street for $183 million (truth be told, we were a smidge off; we had it at $184 million). And now SL Green--a day after it announced to its shareholders an increase of quarterly funds from operations of 88 percent--is on the move again. The company will sell its office-condo interest in floors six through 18 at 110 East 42nd Street for $111.5 million. And! SL Green has acquired 32 percent interest in the office condominimum at 1745 Broadway for $65 million. It was made in a joint venture along with The Witkoff Group and SITQ, so the value of the building is now assumed at more than $500 million. Oh! And SL Green is doing some other big stuff too. But you won't find out about that in press releases, so you'll have to read tomorrow's Observer. Full release below. SL GREEN REALTY CORP. ANNOUNCES SALE OF 110 EAST 42ND STREET New York, NY, April 24, 2007 - SL Green Realty Corp. (NYSE: SLG) today announced that it entered into an agreement to sell its office condominium interest in floors six through eighteen at 110 East 42nd Street for $111.5 million, or approximately $611 per square foot. The sale price does not include approximately 112,000 square feet of developable air rights, which SL Green is retaining with the ability to transfer these rights off-site. SL Green acquired the property, located on the south side of 42nd Street, steps across from Grand Central Terminal, in 1997 during its initial public offering for $30.0 million, or $120 per square foot. In June 2001, the Company sold the bank, annex and commercial units to Cipriani for $14.5 million. Since the 2001 sale, SL Green invested approximately $9 million of capital improvements into the property including the employment of a strategic pre-built program, the success of which is evidenced by the 99% office condominium occupancy. The resulting gain on sale is expected to be approximately $84 million. Andrew Mathias, President of SL Green, stated, "The divestment of select assets and redeployment of the capital generated from such sales, preferably via a 1031 tax-free exchange, into well located properties with potential for additional value-added upside has always and will continue to be a core corporate strategy which creates value and fosters long term growth. Our operating platform continues to create highly desirable product - redeveloped, repositioned and extremely well-leased office properties in great locations. We will continue to meet this demand with our sales program." SL GREEN REALTY CORP. ANNOUNCES ACQUISITION OF 333 WEST 34TH STREET New York, NY, April 24, 2007 - SL Green Realty Corp. (NYSE: SLG) today announced that it has entered into an agreement to acquire the fee interest in 333 West 34th Street for $183.0 million, or approximately $530 per square foot from Citigroup Global Markets, Inc. ("Citigroup"). 333 West 34th Street, located on 34th Street between Eighth and Ninth Avenues in the Penn Station submarket and recently rezoned Hudson Yards district, is 100% occupied by Citigroup, a AA credit rated company. The property, built in 1954, is a 10-story office building with floor plates ranging in size from 38,000 square feet to 27,000 square feet. The property comprises 345,400 square feet and features approximately 125 feet of retail frontage on West 34th Street. The property is located one block from the future location of Penn Station. At closing, Citigroup, one of SL Green's largest tenants in its portfolio, will enter into a full building triple net lease through 2009. Andrew Mathias, President and Chief Investment Officer of SL Green, stated, "333 West 34th Street is a unique opportunity to acquire an institutional quality property with an above standard infrastructure. 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 Avenue redevelopment projects. We believe that through a similar repositioning and marketing strategy we will attract a corporate tenant seeking a corporate headquarter style space in a supply-constrained market. The acquisition of 333 West 34th Street, located within two blocks of the existing Penn Station, continues our strategy of acquiring core properties in close proximity to New York's major transportation hubs." Citigroup Realty Services and Citigroup Capital Markets and Banking advised the seller and Cushman and Wakefield represented the seller as broker in the transaction. SL GREEN REALTY CORP. ACQUIRES JOINT VENTURE INTEREST IN TROPHY MANHATTAN PROPERTY New York, NY, April 24, 2007 - SL Green Realty Corp. (NYSE: SLG) today announced that it has acquired a 32.26% interest in the office condominium located at 1745 Broadway in Midtown Manhattan. The investment was made through a joint venture with SITQ, a subsidiary of the Caisse de depot et placement du Quebec, and The Witkoff Group. The interest was acquired for approximately $65 million, valuing the office space at approximately $520 million or approximately $772 psf. The office component of the Class A trophy property is comprised of approximately 673,722 square feet of space located on the 2nd through 25th floors. It is 100% leased to the Random House division of Bertlesmann, a BBB+ rated company, on a net lease basis. It is Random House's world headquarters. Designed by Skidmore, Owings & Merrill, 1745 Broadway was completed in 2003. The newly constructed office tower faces the entire block between 55th and 56th streets on the west side of Broadway. It offers its tenants panoramic views of Central Park, Midtown Manhattan and the Hudson River. Offices feature virtually column free floor plates, nine-foot finished ceiling heights, high quality finishes and floor-to-ceiling window spandrels that create a spectacular working environment. The property also features state-of-the art mechanical systems. SL Green and The Witkoff Group will jointly manage and lease the property and will serve as co-general partners of the joint venture, and will receive asset management fees and incentive fees from the venture. The property acquisition was financed with a $340 million first mortgage loan provided by Lehman Brothers and Wachovia Securities having a fixed interest rate of 5.68% and a ten-year term. SL Green's equity investment was financed in part from the proceeds of the recent convertible note offering. Andrew Mathias, President of SL Green, stated, "Our investment in 1745 Broadway increases our presence along Times Square's Broadway corridor, one of the city's strongest areas for commercial investment. We continue to upgrade the quality of our portfolio through strategic buying and selling activity, often taking advantage of close relationships with trusted partners. In this case the opportunity to invest in a trophy-quality property at a deep discount to replacement cost, with in-place rents well below market rentals rates and with valued long-standing partners SITQ and The Witkoff Group was very compelling." Under the terms of the joint venture agreement, SL Green may look to further syndicate up to 17% of its investment in the property.