Company: SLG-PI
Filing Date: 2025-04-22
Form Type: DEF 14A
Source: 0001104659-25-037534
Chunk: 119

Company: SL GREEN REALTY CORP
Filing Date: 2025-04-22
Form: DEF 14A
Chunk 119
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 interests in the property (excluding SUMMIT One Vanderbilt) for liquidation values of $17.9 million and $11.9 million, respectively, which were paid in July 2022. In 2023, stabilization of SUMMIT One Vanderbilt was achieved. As of December 31, 2024, Messrs. Holliday’s and Mathias’ remaining interests in the One Vanderbilt project are included in preferred units and redeemable equity in the mezzanine equity section of the Company’s consolidated financial statements. ONE VANDERBILT AVENUE LEASES In November 2018, we entered into a lease agreement with the One Vanderbilt Avenue joint venture covering certain floors at the property. In March 2021, the lease commenced and we relocated our corporate headquarters to the leased space. For the years ended December 31, 2024 and 2023, we recorded $3.0 million and $3.0 million, respectively, of rent expense under the lease. Additionally, in June 2021, we, through a consolidated subsidiary, entered into a lease agreement with the One Vanderbilt Avenue joint venture for SUMMIT One Vanderbilt, which commenced operations in October 2021. For the year ended December 31, 2024, we recorded $41.4 million of rent expense under the lease, including percentage rent, of which $27.7 million was recognized as income as a component of equity in net loss from unconsolidated joint ventures in our consolidated statements of operations. For the year ended December 31, 2023, we recorded $38.9 million of rent expense under the lease, including percentage rent, of which $26.2 million was recognized as income as a component of equity in net loss from unconsolidated joint ventures in our consolidated statements of operations. 719 SEVENTH AVENUE TRANSACTION In April 2024, a special purpose entity (the “SPE”), of which our former President and current director, Andrew Mathias, is a partner, entered into an arms-length, structured arrangement to acquire 719 Seventh Avenue, a property held by the Company in its alternative strategy portfolio of non-core assets. The property was encumbered by a mortgage of $50.0 million, which matured in December 2024, and was conveyed for $30.5 million, plus certain fees payable to the Company. The lender agreed to accept less than the full principal amount of the mortgage in discharging its lien, while permitting the Company to receive $