SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
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Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 7, 2001
SL GREEN REALTY CORP.
(Exact name of Registrant as specified in its Charter)
Maryland
(State of Incorporation)
1-13199 13-3956775
(Commission File Number) (IRS Employer Id. Number)
420 Lexington Avenue 10170
New York, New York (Zip Code)
(Address of principal executive offices)
(212) 594-2700
(Registrant's telephone number, including area code)
Item 5. Other Events
On June 7, 2001, SL Green Realty Corp. ("SL Green") completed the
acquisition of 317 Madison Avenue for an aggregate purchase price of $105.6
million. The property was acquired from Richfield Investment Company. A copy
of the Sale-Purchase Agreement is attached as an exhibit to this Form 8-K.
The 22-story building contains approximately 450,000 square feet and
is located at the Northeast corner of Madison Avenue and 42nd Street with
direct access to Grand Central Station.
SL Green intends to reposition and upgrade the property, capitalizing
on its strategic location in Midtown Manhattan. After upgrading the building,
SL Green expects to benefit from the re-leasing of space upon the expiration
of leases at the property, which are below current market levels. Current
in-place average rents at the property are under $30 per square foot for
existing leases.
The acquisition will be funded, in part, with proceeds from the sale
of 1412 Broadway in a reverse 1031 tax-free exchange, thereby deferring
capital gain resulting from such sale. A copy of the Qualified Exchange
Accommodation Agreement is attached as an exhibit to this Form 8-K. The
balance of the acquisition was funded using SL Green's line of credit.
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
Financial statements and pro forma financial information pursuant to
Rule 3-14 of Regulation S-X are currently being prepared. SL Green expects to
file such financial statements and information under cover of Form 8-K/A as
soon as practicable.
(c) Exhibits
10.1 Sale-Purchase Agreement, dated as of June 7, 2001, between
Richfield Investment Company and Green 317 Madison LLC
10.2 Qualified Exchange Accommodation Agreement, dated as of June 7,
2001, between Green 1412 Broadway LLC and BEC 317 LLC
99.1 Press release, dated June 7, 2001
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SL GREEN REALTY CORP.
By: /s/ Thomas E. Wirth
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Thomas E. Wirth
Executive Vice President, Chief Financial
Officer
Date: June 18, 2001
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