Renovation complete, Green recaps 1250 B'way to $260m.SL Green Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corp. announced that the company has recapitalized 1250 Broadway to reflect the property's increase in value from $126.5 million in 2001, when it entered into a joint venture partnership with SITQ, a subsidiary of Caisse de depot et placement du Quebec, to $260 million based on an agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations" stipulatory noncontroversial, uncontroversial - not likely to arouse controversy value. The valuation and distributions since inception enabled SL Green to exceed the performance thresholds established with SITQ, resulting in an increased economic stake in the property from 55% to approximately 67.5%. Located near Penn Station on Broadway at 31st Street, 1250 Broadway is a 39-story, 670,000 s/f Class A office tower, boasting boast 1 v. boast·ed, boast·ing, boasts v.intr. To glorify oneself in speech; talk in a self-admiring way. v.tr. 1. To speak of with excessive pride. 2. an occupancy of 98.6%. A substantial building wide renovation was recently completed. Marc Holliday, president and chief executive officer of SL Green commented, "Our strong working relation ship with SITQ has yielded three highly successful recapitalizations: the first at One Park Avenue, then 1515 Broadway and now at 1250 Broadway. "At 1250 Broadway, a targeted renovation program and intensive leasing campaign allowed the partnership to create substantial embedded value Embedded Value A common valuation measure used outside North America particularly in the insurance industry. It is calculated by adding the adjusted net asset value and the present value of future profits of a firm. in the asset. We are able to achieve these results by coupling our superior market knowledge with our proven ability to identify opportunities and execute accordingly, and thereby deliver maximum value to strategic partners and shareholders alike." SL Green originally acquired 1250 Broadway in a partnership in 1999, before SITQ acquired its interests in 2001. Since then, the venture has leased or renewed over 630,000 square feet of office space including a 300,000 square foot lease to Visiting Nurse vis·it·ing nurse n. A registered nurse employed by a public health agency or hospital to promote community health and especially to visit and administer treatment to sick people in their homes. Services of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of in 2005, the seventh largest lease in Manhattan last year. |
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