SL Green Sales 1745 Broadway Office Condominium, Two Suburban Office Properties

(RTTNews) - SL Green Realty Corp. (SLG) said that, together with its joint venture partner, Ivanhoe Cambridge, have entered into a contract to sell the leasehold office condominium at 1745 Broadway in Manhattan for a sale price of $633 million, or $939 per square foot, to an institutional client of Invesco Real Estate.

In addition, SL Green has separately entered into contracts to sell two suburban office properties, 115-117 Stevens Avenue in Valhalla, NY and Reckson Executive Park in Rye Brook, NY, to different buyers for a combined sale price of about $67 million.

The sales of 1745 Broadway and 115-117 Stevens Avenue are expected to close in the second quarter of 2018, while the sale of Reckson Executive Park is expected to be completed in the third quarter of 2018, subject to customary closing conditions.

The transactions are expected to generate combined net proceeds to SL Green of approximately $190 million, which will be used for the Company's $1.5 billion stock repurchase program. To date, the Company has repurchased a total of 12,258,203 shares.