SL Green Sells Too!

With a conference call with investors scheduled for 2 pm on Tuesday, SL Green is announcing basically everything.

The company is is now in an agreement to sell 292 Madison for $140 million.

And there's still more SL Green news to report, which will all be in tomorrow's Observer.

Full SL Green release below.


New York, NY, April 24, 2007 - SL Green Realty Corp. (NYSE: SLG) today announced that it entered into an agreement to sell its 292 Madison Avenue property for $140.0 million, or approximately $725 per square foot.

The 193,000-square-foot, 26-story office building is located on the southwest corner of Madison Avenue and 41st Street. SL Green acquired it in 1999, together with 286 and 290 Madison Avenue, for $51.1 million, or $145 per square foot.

Since the acquisition of 292 Madison, SLG has invested approximately $9.0 million into the infrastructure of the asset, making it an attractive address for boutique tenants in the Grand Central submarket. The property is currently 100% leased.

Isaac Zion, Managing Director at SL Green, stated, "This is yet another textbook example of value creation by SL Green's team, from the off-market acquisition to the repositioning of the assets and above-market rents and occupancy levels achieved in our power zone - the Grand Central submarket. 292 Madison joins 70 West 36th Street, 1 Park Avenue and 110 East 42nd Street as powerful generators of capital for redeployment into higher quality assets. Through the sale of 292 Madison, we have achieved an unlevered internal rate of return in excess of 26%."
SL Green Sells Too!