Midyear Roundup: SL Green Signs Nearly One Million Sq Ft of Leases in Manhattan By Close of Second Quareter ‘08
September 3rd, 2008 at 12:36 PM
New York, NY - September 2, 2008 - SL Green Realty Corp. (NYSE: SLG) signed a total of 103 lease agreements covering 975,578-square feet at various buildings in its 30-building portfolio of Manhattan properties as the second quarter of 2008 came to a close.
Occupancy rates for SL Green's Manhattan portfolio actually rose slightly from 96.3%, in the first quarter to 96.7% in the second. Among the major transactions for the first half of 2008 were:
- The Segal Company's new lease for 156,000 square feet at 333 West 34th Street;
- Crain Communications, Inc.'s early renewal for 98,618 square feet at 711
- Third Avenue;
- Parade Publications, Inc.'s early renewal for 89,413 square feet at 711 Third Avenue;
- News America, Inc.'s new lease for 83,822 square feet at 1185 Avenue of the Americas;
- Omnicom Group's early renewal for 55,078 square feet at 220 East 42nd Street;
- Sirius Satellite Radio Inc.'s new lease for 45,295 square feet at 1221 Avenue of the Americas;
- New York University Hospital Center's new lease for 43,895 square feet at 673 First Avenue;
- Sonnenschein, Nath & Rosenthal's new lease for 43,828 square feet at 1221 Avenue of the Americas;
- RSM McGladrey, Inc.'s new lease for 27,508 square feet at 1185 Avenue of the Americas;
- Hess Corp.'s early renewal for 27,508 square feet at 1185 Avenue of the Americas.
"Leasing velocity at our Manhattan buildings has kept apace with previous years, and even exceeded expectations, given the current economic downturn," noted Steven Durels, SL Green Executive Vice President and Director of Leasing and Real Property. "We are cautiously optimistic that we will be able to maintain this leasing momentum for the second half of the year."
SL Green is well underway with comprehensive redevelopment programs launched this year for several of its prominent Manhattan properties, namely: an ambitious $160 million renovation of 1515 Broadway, occupied almost completely by Viacom, which will reposition the 54-story tower as one of the most iconic buildings in Times Square; a $7 million renovation of 711 Third Avenue; and a $10 million capital improvement program at 810 Seventh Avenue.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, 2008, the Company owned 30 New York City office properties totaling approximately 23,719,200 square feet, making it New York's largest office landlord. In addition, SL Green holds investment interests in, among other things, eight retail properties encompassing approximately 400,212 square feet, two development properties encompassing approximately 363,000 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.