SL Green Inks 34,600 SF of Leases at 521 Fifth Avenue
July 23rd, 2007 at 10:24 AM
Successful Repositioning of Midtown Tower Attracts Prominent Tenants
New York, NY – July 23, 2007 – SL Green Realty Corp. (NYSE: SLG) today announced that it has signed two leases comprising a total of 34,600 square feet at 521 Fifth Avenue with Alexandra & James, LLC and Royal Healthcare of Long Island, LLC.
Alexandra & James, also known as IDB Capital Corporation, is the prominent father-daughter wealth management team, formerly associated with Merrill Lynch & Co. The firm leased the entire 20th floor of 521 Fifth Avenue, with a total of 12,232 square feet, for ten years and four months.
Royal Healthcare of Long Island is a leading service provider to the healthcare industry. The company signed an eight-year early lease extension at 521 Fifth Avenue, renewing its premises on the entire 3rd floor, which comprises 22,368 square feet.
SL Green acquired 521 Fifth Avenue in 2006 and, together with its partner, City Investment Fund, LP, is presently undertaking a comprehensive redevelopment and capital improvement program to reposition the property as an upscale boutique building catering to image conscious tenants that desire full floor prestige with proximity to Grand Central Terminal. The redevelopment program includes new “club style” lobby, elevator cabs, corridors and bathrooms, façade renovation, new windows and infrastructure upgrades.
Commenting on the two new agreements, Steven Durels, Executive Vice President and Director of Leasing and Real Property for SL Green, said, “As our exciting building upgrade nears its completion, prominent tenants continue to be attracted to this highly appealing midtown office tower. We’re very pleased to welcome Alexandra & James and extend our relationship with Royal Healthcare of Long Island at 521 Fifth Avenue.”
Located within walking distance of both Grand Central Terminal and Penn Station on the northeast corner of Fifth Avenue and East 43rd Street, the 39-story 521 Fifth Avenue contains 459,566 square feet of office space. Other recent new tenants to the building include renowned asset manager, Shelby Collum Davis & Co. LLP, UK reinsurance firm, Hiscox, Inc and leading executive search firm, Sextant Search Partners.
Harry Blair of GVA Williams Real Estate represented Royal Healthcare of Long Island and David Turino and William S. Elder of SL Green represented the landlord in both transactions.
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 Manhattan office properties. The Company is the only publicly held REIT that specializes 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.
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.
Tags: 521 Fifth Avenue, Steven M. Durels