SL Green Inks 30,615 SF Lease Expansion for New York Marine & General Insurance Company at 919 Third Avenue
July 24th, 2007 at 11:56 AM
Leading Insurer Increases Total Occupancy to 65,000 SF in Building
New York, NY – July 24, 2007 – SL Green Realty Corp. (NYSE: SLG) today announced that tenant, New York Marine & General Insurance Company (“NYMAGIC”), has increased its occupancy at 919 Third Avenue by 30,615 square to 65,000 square feet. To achieve its expansion, NYMAGIC signed two new leases, the first for 13,152 square feet for eight years and ten months, the second for 17,463 square feet for eight years and six months, thereby taking the entire 11th floor at 919 Third Avenue. The transaction required simultaneous lease buy-out negotiations with two other existing long-term tenants.
“Strong tenant relations are truly a hallmark of SL Green’s service-first philosophy,” commented Steven Durels, Executive Vice President and Director of Leasing and Real Property for SL Green. “We are delighted to have been able to structure a transaction satisfying needed expansion by NYMAGIC while simultaneously accommodating the interests of our pre-existing tenants. This was a winning transaction for all involved.”
Located on Third Avenue between 55th and 56th Streets just steps from seven subway lines, 919 Third Avenue is a 40-story building containing 1.4 million square feet. The building's recent capital improvements including technological enhancement and aesthetic improvements combine to make a highly desirable corporate facility. Prominent building tenants include law firms, Debevoise & Plimpton and Schulte Roth & Zabel, global banking giant, BNP Paribas and direct marketing specialist, Draft Worldwide.
Eric Schmall of Studley represented the tenant and William S. Elder of SL Green Realty Corp. represented the landlord in this transaction.
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 June 30, 2007, the Company owned 32 New York City office properties totaling approximately 22.5 million square feet, making it New York's largest office landlord. In addition, SL Green holds investment interests in Manhattan retail properties totaling approximately 284,000 square feet at nine properties, along with ownership of 33 suburban assets totaling 7.0 million square feet in Long Island, Westchester County, Connecticut and New Jersey.
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