SL Green Realty Corp. (NYSE: SLG) and Vornado Realty Trust (NYSE: VNO) have contributed their respective debt positions in the office building located at 280 Park Avenue to a newly formed 50/50 joint venture. The total contributed indebtedness amounts to $400 million. In order to true-up the respective positions, Vornado paid SL Green $111 million and assumed $15 million of SL Green's debt applicable to its position.

280 Park Avenue, a 1.237 million square foot, Class A office property, is comprised of two office towers on Park Avenue between 48th and 49th Streets.

For SL Green:
SL Green Realty Corp.
Andrew Mathias
President
or
Heidi Gillette
Director, Investor Relations
212-594-2700
or
For Vornado:
Vornado Realty Trust
Joseph Macnow
EVP Finance & Administration, CFO
201-587-1000