SL Green Leases Penthouse at 485 Lexington Avenue to KPS Capital Partners LP
July 25th, 2007 at 10:06 AM
Prominent Private Equity Firm Takes 22,279 SF
New York, NY – July 25, 2007 – SL Green Realty Corp. (NYSE: SLG) today announced that private equity firm, KPS Capital Partners LP has signed a new ten-year lease for its New York headquarters covering 22,279 square feet at 485 Lexington Avenue. Relocating from nearby 200 Park Avenue, the prominent firm has leased the duplex penthouse comprising the entire 31st and 32nd floors.
Commenting on the agreement, Steven Durels, Executive Vice President and Director of Leasing and Real Property for SL Green, said, “We’re very pleased to welcome KPS Capital Partners to 485 Lexington Avenue which, owing to the recent completion of our repositioning program as well as the building’s appealing location within the Grand Central Terminal submarket is now 98 percent leased.”
485 Lexington Avenue is a 32-story, 926,122 square foot office tower that stands adjacent to Grand Central Terminal on Lexington Avenue between 46th and 47th Streets. SL Green recently completed an extensive 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 tenants include Citigroup, one of the nation’s leading financial institutions, St. Paul Travelers, international provider of property casualty insurance and surety products, Konica Minolta Business Solutions, leading player in office equipment manufacturing, Fairchild Publications, publisher of trade and consumer newspapers and books, and Omnicom Group, the world’s largest advertising company.
Alan Wildes of CB Richard Ellis, Inc. represented the tenant and Paul Glickman, Mitti Liebersohn, Tara Stacom, Alexander Chudnoff, Steven Bauer and Diana Biasotti of Cushman Wakefield, Inc. represented the landlord in this transaction.
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.