SL Green Realty Rolls into 2007 with a Lease at 485 Lexington Avenue
January 11th, 2006 at 9:24 AM
New Lease Raises Building Occupancy to over 90 Percent
New York, NY – January 11, 2006 – SL Green Realty Corp. (NYSE: SLG) today announced that it has signed a new lease with the prominent law firm, Grant & Eisenhofer, P.A. for the entire 29th floor of 485 Lexington Avenue. The new ten-year lease covering 13,703 square feet, one of the last remaining tower floors, brings the building’s occupancy to over ninety percent.
The 32-story, 926,122 square foot office tower stands adjacent to Grand Central Terminal on Lexington Avenue between 46th and 47th Streets. SL Green recently completed an extensive $25 million capital program that included replacement of 4,000 windows, upgrading of electric and HVAC capacities, new lobby and new storefronts together with an extensive re-branding program. Prominent building tenants include Citigroup, one of the nation’s leading financial institutions, Omnicom, the world’s largest advertising company, St. Paul Travelers, international provider of property casualty insurance and surety products, Fairchild Publications, publisher of trade and consumer newspapers and books, Nortel Networks, a multinational telecommunications equipment manufacturer headquartered in Toronto, Canada, and Novantas, LLC, prominent international management consulting firm.
“We’re pleased to welcome Grant & Eisenhofer, P.A. to 485 Lexington Avenue,” said Steven Durels, Executive Vice President and Director of Leasing for SL Green.“Coming fast on the heels of 54,656 square feet in leasing at the building in December 2006 alone, this latest lease reemphasizes the considerable appeal of our recently completed capital improvement program along with the building’s proximity to Grand Central Terminal. We look forward to announcing the building’s 100 percent occupancy in the very near future.”
Michael Doetsch of Williamson, Picket, Gross, Inc together with Alexander Chudnoff and Steven Bauer of Cushman & Wakefield, Inc. represented the tenant in this transaction. David Turino of SL Green Realty Corp. represented the landlord.
About SL Green Realty Corp.
SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages a portfolio of Manhattan office properties. As of September 30, 2006 the Company owned 27 office properties totaling approximately 18.4 million square feet. SL Green’s retail ownership totals approximately 300,000 square feet at eight properties. The Company is the only publicly held REIT that specializes exclusively in this niche.
To be added to the Company’s distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at 212-216-1601.
Forward-looking Information
This press release contains forward-looking information based upon the Company’s current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include the strength of the commercial office real estate markets in New York, competitive market conditions, unanticipated administrative costs, timing of leasing income, general and local economic conditions, interest rates, capital market conditions, tenant bankruptcies and defaults, the availability and cost of comprehensive insurance, including coverage for terrorist acts, and other factors, which are beyond the Company’s control. We undertake no obligation to publicly update or revise any of the forward-looking information. For further information, please refer to the Company’s filing with the Securities and Exchange Commission.