IMCO Enters Co-investment for New York's One Worldwide Plaza
The Investment Management Corporation of Ontario (IMCO) has announced that it will assume an interest in One Worldwide Plaza, an iconic Class A office building located in Midtown Manhattan.
SL Green Realty Corp. (NYSE: SLG) and private investment manager, RXR Realty recently acquired a combined 49% interest in the property from New York REIT (NYSE: NYRT). This transaction valued the asset at US$1.7 billion. IMCO was invited to co-invest in the property through its existing relationship with RXR Realty.
“This is an attractive opportunity for IMCO to participate in a strong performing asset alongside experienced managers,” said Jill Pepall, EVP & Chief Investment Officer of IMCO. “Investing in real estate provides strong cash-flow generation and stable returns, which is well-aligned with our objective of meeting the long-term financial obligations of our clients.”
One Worldwide Plaza, consists of a 49-story, 1.8 million-square-foot Class A office tower, a 252,000 square-foot retail building with a parking garage, and a large open-air plaza. The property is part of a mixed-use development that encompasses an entire block between 49th and 50th streets and between 8th and 9th avenues. The building maintains high-quality office tenants including WebMD and CBS Broadcasting. The complex is 100% leased.
IMCO (Investment Management Corporation of Ontario) manages approximately CAD$60 billion on behalf of its clients. IMCO’s mandate is to provide broader public-sector clients with exceptional investment management services, including best-in-class advice around portfolio construction, efficient access to a diverse range of asset classes and superior reporting on risks and returns. For more information, visit www.imcoinvest.com.
ABOUT SL GREEN REALTY CORP.
SL Green Realty Corp., an S&P 500 company and New York City’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2017, the Company held interests in 119 Manhattan buildings totaling 47.4 million square feet. This included ownership interests in 27.5 million square feet of Manhattan buildings and debt and preferred equity investments secured by 19.9 million square feet of buildings. In addition, the Company held ownership interests in 29 suburban buildings totaling 4.6 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey. To be added to the Company’s distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at (212) 594-2700.
RXR Realty LLC (“RXR”) is a vertically integrated private real estate operating company with expertise in investment management, property management, development, design, construction, leasing and financing. RXR’s core growth strategy is focused on New York City and the surrounding tri-state area markets. RXR is one of the largest owners, managers, and developers in the New York Tri-State area. The RXR platform manages 74 commercial real estate properties and investments with an aggregate gross asset value of approximately $15.7 billion as of June 30, 2017, comprising approximately 22.1 million square feet of commercial operating properties and approximately 5,200 multi-family and for sale units under active development in the New York Metropolitan area.