SL Green Realty Corp. SLG, the New York-based real estate investment trust (“REIT”), recently announced a string of investment and lease deals. Consistent with the opportunistic investment policy followed by the company, these deals are expected be accretive, going forward.
SL Green announced that it will divest 90% stake in the residential condominium at 248-252 Bedford Avenue. Located in the Williamsburg neighborhood of Brooklyn, the 72-unit multifamily building was sold for $55 million. Subject to fulfillment of certain customary closing conditions, the transaction is likely to close in first-quarter 2016.
Also, the company disclosed another deal to buy 45% indirect interest from Canada Pension Plan Investment Board (“CPPIB”) at 600 Lexington Avenue. This acquisition will enable the REIT to obtain complete ownership of the 36-story, 303,500-square foot Midtown Manhattan office building.
Further, SL Green proclaimed a 49-year net lease deal at 562 Fifth Avenue. The REIT also inked a new lease deal with Giorgio Armani Corp., under which the latter will be allowed to retain its flagship retail space at 760 Madison Avenue. In fact, as of now, the company has inked 320,214 square feet of long-term office leases in its Manhattan portfolio for the fourth quarter of 2015.
SL Green currently has a Zacks Rank #2 (Buy).
Investors interested in the REIT space may also consider stocks like Arbor Realty Trust Inc. ABR, Getty Realty Corp. GTY and Mack-Cali Realty Corp. CLI All these stocks sport a Zacks Rank #1 (Strong Buy).
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