SL Green trying to raise cash?

March 30, 2009 01:37PM

Sources said SL Green Realty Corp. is trying to sell some of its 30
buildings in the city to raise cash to pay off its $7.4 billion in debt. The
landlord is reportedly trying to Sell 485 Lexington Avenue to Murray
Hill Properties for about $555 million. Gregory Hughes, SL Green’s COO
and CFO, denies that the firm is trying to sell the buildings, and said
that most of the company’s debt isn’t due until 2012. SL Green plans to
refinance the Graybar Building, at 420 Lexington Avenue, for $145
million in the second quarter, Hughes said, adding that he expects the company will raise $50 million to $100 million by selling off loans from a division
that finances other firms’ real estate deals.

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