NEW YORK, Sept. 22, 2025 (GLOBE NEWSWIRE) -- SL Green Realty Corp. ( SLG/PI ) , Manhattan’s largest office landlord, today announced that it has completed two transactions at 1552-1560 Broadway, the flagship retail location located in the heart of the Times Square bow tie.

In June, SL Green, with its joint venture partner, Jeff’s Sutton’s Wharton Properties, acquired the debt encumbering the fee interest at 1552 Broadway and the leasehold interest at 1560 Broadway, which had a total debt claim of $219.5 million, inclusive of $26.4 million of accrued and unpaid interest, for $63.0 million. Subsequent to the loan purchase, the joint venture finalized a ground lease and a sign bracing agreement at 1560 Broadway with GFP Real Estate and Benenson Capital Partners, with the term through 2074.

“The transactions allow us to capture the long-term value of this premier retail and signage asset at favorable terms,” said Harrison Sitomer, Chief Investment Officer of SL Green. “With our basis in the asset now reset to an attractive level, we have unlocked future cash flow and upside through our ground lease and sign bracing agreement.”

Simultaneously, SL Green announced that 1552 Broadway, formerly occupied by clothing retailer Express, has been leased on an interim basis to an apparel and merchandise retailer while a long-term credit tenant is identified through a lease marketing process that is being overseen by Wharton Properties. This interim lease does not include the large LED signs, which are being separately leased.

Jeff Gural, Chairman and Principal of GFP Real Estate, and Richard Kessler, COO of Benenson Capital Partners, arranged the transaction on behalf of ownership.

About SL Green Realty Corp. ( SLG/PI )

SL Green Realty Corp. ( SLG/PI ), Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of June 30, 2025, SL Green held interests in 53 buildings totaling 30.7 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 2.7 million square feet securing debt and preferred equity investments.

Forward Looking Statement

This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.

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Source: SL Green Realty Corp ( SLG/PI )