SL Green Realty Corp. (NYSE:SLG) Q1 2024 Earnings Call Transcript

And one other point I’ll make is that you know the vast majority of big leases that are being signed or were signed in the first quarter were all relocations. And those are long-term commitments by tenants of size, as they bring their employees back to the office.

Caitlin Burrows: Got it. And then I know earlier you guys talked about some of the disposition in JV outlooks. Just going back to 245 Park briefly, were you saying that you’re planning to maybe do more leasing before focusing on the additional JV sale or is that something that’s kind of moving along and could be done anytime? Any update on the 245 part JV in particular?

Matthew DiLiberto: Yeah, you know, message we — I think also delivered down at city was you know, this is a big focus barge for the second half of the year. We’ve got some leasing in pipeline that we’re trying to complete, as Marc noted, and I think it will package very well as we get into the second half of the year and get some more of these business plan objectives done through the first half of the year.

Caitlin Burrows: Got it. Okay, thanks.

Marc Holliday : Operator, do we have any questions?

Operator: Our next question comes from Blaine Heck with Wells Fargo. Please go ahead.

Blaine Heck: Great, thanks. Just two quick ones for me. Just following up on the potential sales of interest at OVA and 245 Park. Obviously, we’ve seen some fluctuation in foreign exchange rates and a pretty dramatic recent increase in the 10 years. So I guess the question is, have those dynamics impacted the interest level from any of the prospective investors on those deals? I guess has anyone fallen out of the running?

Marc Holliday : No.

Blaine Heck: All right, fair enough. And then I think you mentioned putting some leasing cost reserves in as part of the modification of the 280 Park loan. Can you quantify how much that was?

Matthew DiLiberto : The amount that we put in collectively with Vornado was approximately $68 million. So, $34 million each.

Operator: Thank you. This concludes the question-and-answer session. I would now like to turn the call back over to Chairman and CEO, Marc Holliday for closing remarks.

Marc Holliday: Thank you. You know, again, kudos to the whole team here at SL Green, because I know they listened in on this call. It was a great launch to the year. Fantastic three months. And we’re busy at work here making sure that when we speak again in three months we’ll have hopefully some equally good news, maybe even better news, and we look forward to it. Thank you.

Operator: Thank you. This concludes today’s conference call. Thank you for participating. You may now disconnect.