Marc Holliday : Okay. That deal is slated to close at the end of this month. And so it’s another two weeks or so. And we’re going through the motions with the buyer to go through that closing process and expect that to happen in this second quarter. And OVA, I mentioned, we’re steaming away on. And then 245 Park is another one that we’re getting enormous traction on leasing. We have more leases pending that are in that 1.6 million. The JV execution is enhanced for all of us. The company, shareholders, everybody, the more leasing we get done the better so we’re just going to keep leasing ahead of even really having started the redevelopment but on the promise of the redevelopment and the commitment of the redevelopment which I think is going to make it one of the best non-new buildings on Park Avenue.
William Catherwood : Great, appreciate the answers. Thanks everyone.
Marc Holliday : Thanks.
Operator: Thank you. One moment for our next question. And our next question comes from Ronald Kamdem with Morgan Stanley, your line is now open.
Ronald Kamdem: Great. Hey, just two quick ones from me. Just staying on the leasing front, if I could just add, if you could talk about sort of the mark-to-market on the leases in the pipeline, because I saw you reiterated expectation on both the occupancy targets, as well as the leasing volumes this year which — based on the pipeline, sounds like you’re well on track. But maybe talk a little bit about the mark-to-market.
Steven Durels : Thanks. Yeah, just to give some color on, you know, the negative mark-to-market in the first quarter were really driven by two buildings. We had a number of leases at Graybar Building and 800 Third Avenue that, you know, were sort of drove the negative mark-to-market for the overall leasing for the quarter. On balance, most of the leases signed in the rest of the portfolio were generally positive. So it’s unfortunate that we had a couple of stragglers that pulled us down. But as we look forward into leases that are out right now and then beyond that, the overall pipeline of a [1,600,000] (ph) square feet, we’ve got some big positive mark-to-markets and that’s what gives us confidence to assure ourselves that we’re going to be positive for the year.
Ronald Kamdem: Great. And then just my last one — and I guess it kind of ties into asset sales, which you just touched on, but just taking a step back in terms of the target of the year of how much sort of debt you wanted to take out on the balance sheet. If you think about sort of the refinancing success you have, the plan for the asset sales – how is that sort of trending? Is there in line with expectations, could you even do better? Just trying to get a sense of how much debt can come off the balance sheet this year, thanks.
Matthew DiLiberto: What Marc said earlier is that our business plan remains intact and that’s true. So we laid out in December north of $1 billion of debt reduction through execution of this plan. So at a minimum we would expect that. But we’ve had some additional success in things like the discounted debt extinguishment at 2 Herald and some asset sales we didn’t have wired in like 717 and 719 in Palisades. So that would see us be even ahead of that original target that we laid out back in December, if we execute the entire business plan we have laid out.
Ronald Kamdem: Great, thanks so much.
Operator: Thank you. One moment for our next question. Our next question comes from Michael Griffin with Citi. Your line is now open.
Michael Griffin: Great, thanks. Maybe just going back to the refinancing for a bit that you did in the quarter, should we take this as an indication that lenders are more willing to work with owners as opposed to having to take back the keys? Or is it mainly specific to the existing relationships that you have in the market?
Marc Holliday : Yeah, I don’t want to generalize the activity to anything beyond SL Green, our assets, our relationships, et cetera. I think it’s still a tough market out there. And as Harry said earlier, it’s going to come a lot down to belief in the sponsor, the sponsor’s plan, making sure skin is in the game, equity in the deal, et cetera. And where it all lines up, I think lenders — many lenders have and will conclude that, that’s the best path towards loan resolution optimization and payoff. But that isn’t necessarily every case. You see throughout the city, there’s examples of what we’ve done and there’s examples that have gone in the other direction and it’s going to take a while to work through all of the effects of the interest rate increases which have occurred over the past two years.
But we feel very fortunate that we’re positioned in a way that we think we can manage through all of that in a very steady, responsible way and position ourselves for growth this year, which I think is what you’re hearing. And with the backdrop of improving leasing market and an office-to-resi conversion program, that harkens back to what I said earlier today. I think, the trajectory we’re on is very, very good and we’re optimistic. But I don’t think you can really just sort of generalize from that or extrapolate that.
Michael Griffin: Got it. That’s helpful. And then maybe a question on the 10 East 53rd transaction. You’re just looking at this property, the rent seemed relatively attractive, call it in the mid to high-80s, it’s fully leased, it seems cashflow positive. I’m curious if you can give any insight as to — why your JV partner decided to exit that building and could we see, I guess, the potential for more of the same for some of your other joint venture relationships in exiting some of these properties?
Marc Holliday : We have a policy here not to comment on what our partners or lenders are thinking and don’t want to put words in their mouth. But we’ll continue to look for opportunity. We invest in real estate, and if we see opportunities that make sense for us, we’re going to continue to do it.
Michael Griffin: Great. That’s it for me. Thanks for the time.
Operator: Thank you. One moment for our next question. Our next question comes from Camille Bonnel with Bank of America. Your line is now open.
