NEW YORK – Sept. 9, 2022 – Attorneys at global law firm Greenberg Traurig, LLP advised SL Realty Corp., New York City’s largest owner of office real estate, in connection with the conversion of its $139 million mezzanine loan as part of the recapitalization of 5 Times Square, a 39-story, 1.1-million-sq.-ft. skyscraper in the heart of Midtown Manhattan.
SL Green (NYSE: SLG) will partner with RXR Realty to jointly oversee the ongoing renovation and leasing of the iconic office building, including approximately 240,000 square feet of space recently leased by digital media manufacturer Roku. Until recently, 5 Times Square was occupied by anchor tenant Ernst & Young.
The recapitalization also includes $1.3 billion of new mortgage and mezzanine debt provided by Morgan Stanley, AIG and Apollo, among others.
The Greenberg Traurig team was led by New York Real Estate Practice Shareholders Gary S. Kleinman, Kristen J. Lonergan and Joel C. Harrison. Also on the team were New York Tax shareholders Bennett I. Deutsch and Ivy J. Lapides and Real Estate associates Zachary E. Schelberg and Joseph Ham.