NEW YORK, April 27 /PRNewswire/ -- SL Green Realty Corp. (NYSE: SLG)
announced today that it has contracted to acquire 50% of the fee interest and
100% of the operating sub-leasehold of 711 Third Avenue, a 520,000 square foot
building located on Third Avenue between 44th and 45th Streets, in close
proximity to the Grand Central District of Manhattan.
    The property is being purchased for a total of $61.4 million, including
closing costs -- representing an implied purchase price of approximately
$156 per square foot for all interests in the property.  SL Green is acquiring
the fee interest from The Swig Investment Company, and the existing leasehold
mortgage from the New York State Common Retirement Fund.  The remaining
portion of the fee interest is held by The Weiler Arnow Investment Company.
Benjamin P. Feldman, General Counsel of SL Green, spearheaded the complex
negotiation process on behalf of the Company.
    This transaction follows the Company's earlier acquisitions of the long-
term operating leasehold of The Graybar Building, located at 420 Lexington
Avenue, and the landmark building formerly known as the Bowery Savings Bank,
located at 110 East 42nd Street -- both of which are in the heart of the Grand
Central District, an area which is currently undergoing substantial
revitalization.
    The 20-story, post-war building at 711 Third Avenue was the first to be
built on Third Avenue in 1955, after demolition of the Third Avenue El.  The
property counts among its major tenants Eddie Bauer, The Avenue, Dun &
Bradstreet and Parade Publications.  Of its 520,000 square feet of retail and
office space, approximately 78% is currently occupied.
    Subsequent to the acquisition, SL Green's portfolio will consist of
19 properties, encompassing approximately 6.0 million rentable square feet.
    SL Green Realty is a fully integrated, self-administered and self-managed
real estate investment trust ("REIT") which primarily owns, manages, leases,
acquires and repositions Class B office properties in Manhattan.
    This press release contains forward-looking information based upon the
Company's current best judgment and expectations. Actual results could vary
from those presented herein. The risks and uncertainties associated with the
forward-looking information include the strength of the commercial office real
estate market, competitive market conditions, general economic growth,
interest rates and capital market conditions. For further information, please
refer to the Company's filings with the Securities and Exchange Commission.

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