SL Green Announces Sale of One Court Square for $476 Million

---

SL Green Realty Corp. (NYSE:  SLG) recently announced that the Company and its joint venture partner have reached an agreement to sell One Court Square (also known as the "Citi Building") to a private investor group for approximately $340 per square foot (approximately USD $476 million). The transaction includes $315 million of existing debt, which will be assumed by the purchaser.

The transaction is subject to certain conditions, including the lender's approval of the transfer of ownership.  There is no assurance that the conditions precedent contemplated in the sale agreement will be fulfilled or that the transaction will be consummated at such time or at all.

SL Green anticipates that it will realize $42.8 million in net proceeds from the transaction.

SL Green acquired its stake in the 1.4 million square foot office building in conjunction with its 2007 acquisition of Reckson Associates Realty Corp.  Designed by Skidmore, Owings & Merrill and completed in 1989, the property consists of a 50-story tower and five-story low-rise buildings connected via glass rotunda and bridge, sitting on a 1.45 acre site in Long Island City.  It is 100 percent leased to Citibank, N.A.

Eastdil Secured, LLC represented the sellers in the pending transaction.

SL Green Realty Corp is New York City's largest office landlord that has currently has an ownership interest in 58 Manhattan properties totaling more than 35.3 million square feet.

---