N@N

SL Green & Vornado Form Joint Venture to Hold $400 Million of Debt on 280 Park Avenue

^{Published on 2011-03-16 13:05:38 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--SL Green Realty Corp. (NYSE: SLG) and Vornado Realty Trust (NYSE: VNO) have contributed their respective debt positions in the office building located at 280 Park Avenue to a newly formed 50/50 joint venture. The total contributed indebtedness amounts to $400 million. In order to true-up the respective positions, Vornado paid SL Green $111 million and assumed $15 million of SL Green's debt applicable to its position.

280 Park Avenue, a 1.237 million square foot, Class A office property, is comprised of two office towers on Park Avenue between 48th and 49th Streets.