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Form 8-K SL GREEN REALTY CORP For: Sep 27

September 28, 2016 7:42 AM EDT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):

September 28, 2016 (September 27, 2016)

 

SL Green Realty Corp.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 

Maryland

 

1-13199

 

13-3956775

(STATE OR OTHER
JURISDICTION
OF INCORPORATION)

 

(COMMISSION FILE
NUMBER)

 

 (IRS EMPLOYER ID. NUMBER)

 

420 Lexington Avenue

 

 

New York, New York

 

10170

(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

 

(ZIP CODE)

 

(212) 594-2700

(REGISTRANTS’ TELEPHONE NUMBER, INCLUDING AREA CODE)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 8.01      Other Items.

 

On September 28, 2016, SL Green Realty Corp. issued a press release announcing that it has closed on $1.5 billion of construction financing for One Vanderbilt in Midtown Manhattan.

 

The facility was entered into on September 27, 2016 and is led by Wells Fargo Bank, N.A. as Administrative Agent, The Bank of New York Mellon, JP Morgan Chase Bank, TD Bank, N.A., and Bank of China, as Syndication Agents, and Landesbank Baden-Württemberg as Documentation Agent. The facility has a term of up to 7 years and bears interest at a floating interest rate of 3.50% over LIBOR, with the ability to reduce the spread to as low as 3.00% upon achieving certain pre-leasing and completion milestones.

 

A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

 

Item 9.01      Financial Statements and Exhibits.

 

(d)     Exhibits

 

99.1              Press release, dated September 28, 2016 entitled “SL Green closes $1.5 billion construction financing, paving the way for One Vanderbilt development”.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

SL GREEN REALTY CORP.

 

 

 

/s/ Matthew J. DiLiberto

 

Matthew J. DiLiberto

 

Chief Financial Officer

 

 

Date:  September 28, 2016

 

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EXHIBIT 99.1

 

CONTACT

Matt DiLiberto

Chief Financial Officer

Or

Rob Schiffer

Managing Director

SL Green Realty Corp.

(212) 594-2700

Or

Josh Berkman

BerlinRosen

(646) 616-6768

 

SL GREEN CLOSES $1.5 BILLION CONSTRUCTION FINANCING,

PAVING WAY FOR ONE VANDERBILT DEVELOPMENT

 

New York, NY — September 28, 2016 — SL Green Realty Corp. (NYSE: SLG), New York City’s largest commercial property owner, today announced that it has closed on $1.5 billion of construction financing for One Vanderbilt, ensuring that the 1,401-foot-tall, state-of-the-art office tower, will soon rise adjacent to Grand Central Terminal in Midtown Manhattan. One Vanderbilt will include direct connections to Grand Central’s network of mass transit, improved by $220 million in upgrades SL Green is implementing as part of the project.

 

The facility, led by Wells Fargo Bank, N.A. as Administrative Agent, The Bank of New York Mellon, JP Morgan Chase Bank, TD Bank, N.A., and Bank of China, as Syndication Agents, and Landesbank Baden-Württemberg as Documentation Agent, has a term of up to 7 years and bears interest at a floating interest rate of 3.50% over LIBOR, with the ability to reduce the spread to as low as 3.00% upon achieving certain pre-leasing and completion milestones.

 

“Closing on the construction financing means that nothing stands in the way of One Vanderbilt becoming an iconic addition to the Manhattan skyline,” commented SL Green Managing Director, Robert Schiffer. “One Vanderbilt will set a new standard for trophy buildings in Midtown Manhattan. It will respond to the needs of the modern workforce, offering tenants technologically advanced, Class A office space with best-in-class amenities and unparalleled proximity to public transportation.”

 

One Vanderbilt will encompass an entire block adjacent to Grand Central Terminal, bounded by Madison and Vanderbilt Avenues as well as 42nd and 43rd Streets. Vertical construction will begin in the second quarter of 2017, and is expected to be completed in 2020. Tishman Construction will manage the project.

 

Designed by Kohn Pederson Fox, the 58-floor, 1.6 million rentable-square-foot trophy tower will be the tallest building in Midtown and the second tallest in New York City. In

 



 

2014, TD Bank signed a 20-year, 200,000-square-foot lease, which includes its retail flagship store, making it the first office and retail anchor tenant in the building.

 

One Vanderbilt will feature stunning views through floor-to-ceiling windows and direct, underground access to Grand Central Terminal where the future Long Island Railroad’s (LIRR’s) East Side Access project will connect Long Island commuters to East Midtown for the first time.

 

About SL Green Realty Corp.

 

SL Green Realty Corp., an S&P 500 company and New York City’s largest commercial 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, 2016, the Company held interests in 119 Manhattan buildings totaling 44.7 million square feet. This included ownership interests in 28.0 million square feet of commercial buildings and debt and preferred equity investments secured by 16.7 million square feet of buildings. In addition, the Company held ownership interests in 31 suburban buildings totaling 4.9 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey. To be added to the Company’s distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at (212) 594-2700.

 

SLG-FIN

 

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