New York Public Library Signs 13,124-Sq Ft Lease at SL Green’s 485 Lexington Avenue
July 10th, 2008 at 10:08 AM
New York, NY – July 10, 2008 – SL Green Realty Corp.(NYSE: SLG) today announced that it has completed a new lease agreement with The New York Public Library, Astor, Lenox and Tilden Foundations to occupy 13,124 square feet on the mezzanine and a portion of the ground floor at 485 Lexington Avenue.
The retail space will accommodate the Donnell Library branch for a six-year term while Donnell’s permanent premises at 20 W. 53rd Street is being redeveloped.
“We are delighted that the Donnell Library, which houses the NY Public Library’s largest circulating collection of materials in languages other than English, films and videotapes, and which is known for its rich variety of free cultural events and exhibitions, has opted to make its home at 485 Lexington Avenue,” said Steven Durels, Director of Leasing and Real Property for SL Green.
485 Lexington, aka Grand Central Square, is a 31-story, 921,370-square-foot property constructed in 1956 situated on the Southwest corner of Lexington Avenue and East 47th Street. A comprehensive redevelopment program, including a new lobby, entryway, windows and renovated façade was recently completed at the property.
Other tenants at 485 Lexington Avenue include Citibank, NA, Fairchild Publications, Novantas, Offit Capital and Travelers Insurance.
Studley’s David Goldstein, together with Jason Perla and David Carlos represented the library, and Jeffrey Roseman of Newmark Knight Frank Retail acted on behalf of the landlord in the 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 March 31, 2008, the Company owned 31 New York City office properties totaling approximately 24,389,200 square feet, making it New York's largest office landlord. In addition, SL Green holds investment interests in, among other things, nine retail properties encompassing approximately 400,212 square feet, one development property encompassing approximately 85,000 square feet and two land interests, along with ownership interests in 36 suburban assets totaling 7,867,500 square feet in Brooklyn, Queens, 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.