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UPDATE 1-SL Green keeps 2010 forecast
April 27, 2010 / 7:59 PM / 7 years ago

UPDATE 1-SL Green keeps 2010 forecast

* Maintains 2010 FFO outlook shr $3.90-$4.10

* Close to deal for partner in 600 Lexington

* Shares down 4.7 pct

NEW YORK, April 27 (Reuters) - New York office landlord SL Green Realty Corp (SLG.N) on Tuesday maintained its forecast for the year and said it was close to getting a partner for its pending purchase of a midtown Manhattan skyscraper.

The company kept its forecast for 2010 funds from operations, or FFO, of $3.90 to $4.10 per share. The average of forecast by analysts polled by Thomson Reuters I/B/E/S was $4.03 per share.

SL Green, which has agreed to buy 600 Lexington Ave for $193 million, or $636 per square foot, said it was near a deal for a “foreign pension fund” to take a 45 percent stake in the purchase.

The 303,515 square-foot, 36-story office tower is at the northwest corner of Lexington Avenue and 52nd Street. SL Green declined to identify the pension fund, except for saying this would be its first investment with this partner.

The purchase would be SL Greens first since December 2007.

The company also lends borrowers money to buy buildings. It holds loans of roughly $146 million on 666 Fifth Ave, the owner of which has defaulted on $1.215 billion of mortgage debt. SL Green said it could get all or part of its investment back upon the sale of that building, which is pending.

Shares of SL Green were down 4.7 percent at $61.30 in late trading on the New York Stock Exchange. (Reporting by Ilaina Jonas)

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