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.
About Greenberg Traurig: Greenberg Traurig, LLP has more than 2500 attorneys in 43 locations in the United States, Europe, Latin America, Asia, and the Middle East. The firm reported gross revenue of over $2 Billion for FY 2021 and is consistently among the top firms on the Am Law 100, Am Law Global 100, and NLJ 250. On the debut 2022 Law360 Pulse Leaderboard, it is a Top 15 firm. Greenberg Traurig is Mansfield Rule 4.0 Certified Plus by The Diversity Lab and the Center for Resource Solutions Green-e® Energy program certifies that the firm’s U.S. offices are 100% powered by renewable energy. The firm is often recognized for its focus on philanthropic giving, innovation, diversity, and pro bono. Web: www.gtlaw.com.