SL Green’s Grand Central Square is New Home to Konica Minolta Business Solutions, Inc.
July 23rd, 2007 at 11:52 AM
Leading player in office equipment manufacturing makes move within SL Green portfolio
New York, NY – July 23, 2007 – SL Green Realty Corp. (NYSE: SLG) today announced that Konica Minolta Business Solutions, Inc, has traded in its offices at SL Green’s 420 Lexington Avenue “the Graybar Building” for the entire 19th floor at 485 Lexington Avenue to accommodate its expanding business needs. Konica Minolta signed a new 13-year lease for 26,400 square feet within Grand Central Square’s 485 Lexington Avenue.
“We pride ourselves on working with our tenants to provide the best possible solutions to their business needs. Consistent with that, we were able to provide Konica Minolta with expansion space in a high profile building and simultaneously recapture their existing lease, which had several years of remaining term. This is an example of the benefits provided tenants within our portfolio of properties,” commented Steven Durels, Executive Vice President and Director of Leasing and Real Property for SL Green. “We’re delighted we were so rapidly able to facilitate new accommodations for Konica Minolta at 485 Lexington Avenue where the company’s name and reputation are strong complements to the property’s prominent tenant roster.”
Located on Lexington Avenue between 46th and 47th Streets just steps from Grand Central Terminal, 485 Lexington is a 32-story building containing 926,122 square feet. The recent redevelopment of the property by SL Green included replacement of 4,000 windows, enhanced 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, and Omnicom Group, the world’s largest advertising company.
Frank Coco of Cushman & Wakefield, Inc. represented the tenant and Paul Glickman, Mitti Liebersohn, Diana Biasotti, Tara Stacom, Alexander Chudnoff and Steven Bauer 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.
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