SL Green Realty Corp. Completes 29,291 SF Early Lease Renewal at 470 Park Avenue South
March 8th, 2007 at 12:52 PM
New York, NY – March 8, 2007 – SL Green Realty Corp. (NYSE: SLG) today announced that it has completed a six-year lease renewal with employee benefits counselor, Progressive Plan Administrators, Inc, for a total of 29,291 square feet, covering the entire sixth and portion of the fifth floors at 470 Park Avenue South.
Commenting on the new agreement, Steven M. Durels, Executive Vice President and Director of Leasing for SL Green, said, “Progressive Plan Administrators is a long-term, valued tenant who understood the dynamics of a rapidly rising market and chose to extend its lease well in advance of the scheduled lease expiration rather than be exposed to higher future rents.”
Located between 31st and 32nd Streets, 470 Park Avenue South, a 260,000 square foot, building, is within easy walking distance to Grand Central Terminal and the retail and dining establishments of Union Square. The building features a recently renovated lobby and entrance and new elevator cabs. Prestigious tenants include performing arts management company, Artists Acquisition LLC, leading not for profit public education organization, the Foreign Policy Association and Bank of America.
John Mambrino of Studley, Inc. represented the tenant in this transaction. The landlord was represented in-house by David Turino.
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. The Company is the only publicly held REIT that specializes exclusively in this niche. As of January 31, 2007, the Company owned 42 office properties totaling 25.0 million square feet. The Company’s retail space ownership totals 296,000 square feet at eight properties.
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.