SL Green Realty Announces Sale of JPUT for $100M; Buys Non-Performing Mortgage Loan for 315 Park Ave.

SL Green Realty Corp.

announced today that it has acquired the non-performing mortgage loan secured by the property at 315 Park Avenue South, New York, NY. Company also announced its partner Westcore Properties today announced the sale of the Jersey Property Unit Trust (JPUT) that owns a long-term leasehold interest in Procession House, a Class A office building located at 55 Ludgate Hill in the City of London. The sale to a UK based property company for $100 million closed on November 22, 2012. SL Green will receive approximately $34.3 million in net proceeds from the completed transaction and realize an internal rate of return in excess of 20% on its investment. SL Green and Westcore acquired the property's mortgage in September 2010. When the mortgage defaulted in June 2012, Green Loan Services LLC exercised remedies and put the property into receivership.