Kirkland & Ellis LLP represented Stonehenge Partners which today announced that SL Green Realty Corp. (NYSE: SLG) has entered into an agreement to acquire 50% of Stonehenge's interests in a 23-building New York City residential portfolio. As a result of the transaction, SL Green will own a 50% share in both the partnership interests and promotes in the portfolio held through entities affiliated with Stonehenge with Ofer Yardeni retaining the other 50% ownership interest. In addition, the properties will continue to be managed and operated by Stonehenge and continue to be owned in partnerships with various institutional partners.
The transaction is expected to close in the first quarter of 2015, subject to customary closing conditions.
The Kirkland team is led by partners David Fox, Jonathan Schechter, Bill Levy, Keith Villmow, Dean Shulman, Chris Hoffman, David Kaye and Chris Hartmann and by associates Jessica Schultz, David Hudson and Matthew Friedenberg.