SL Green Locks in 170,000sf of Midtown Leases
October 30th, 2008 at 1:06 PM
2008 Leasing Volume Continues Solid Pace
New York, NY - October 28 2008 - SL Green Realty Corp. (NYSE: SLG) today announced four lease transactions totaling over 170,000 square feet at office properties in Midtown Manhattan. The new rents averaged 72% above previously escalated rents on a per-square-foot basis.
Steven Durels, SL Green Executive Vice President and Director of Leasing and Real Property, commented, "Despite uncertainty about the New York office market, we continue to experience tenant demand for well-located, quality buildings that provide attractive rental value. Additionally, these transactions continue to unlock the rent growth embedded in our portfolio."
At 1515 Broadway, SL Green's iconic Times Square office tower, Wurk Environments, LLC, signed a new 10-year lease for 64,788 square feet, taking the previously vacant 11th and 12th floors. The lease increases occupancy to 97% at the 54-story building, which is currently undergoing extensive redevelopment. Representing the tenant in the transaction was Adam Rappaport of Cushman & Wakefield. SL Green was represented in-house by David Kaufman, together with Frank Doyle, Cynthia Wasserberger, Edward DiTolla and David Kleiner of Jones Lang LaSalle.
News America Incorporated, an affiliate of global media giant News Corporation, has expanded its existing space at 1185 Avenue of the Americas by taking floors 22 and 23, which were previously scheduled to become vacant in 2009. The 12-year lease for 54,472 square feet brings the company's total occupancy at the building to 138,284 square feet. The building is 100% leased. The tenant was represented by David W. Levinson and David C. Berkey of L&L Holding Company, while SL Green was represented in-house by Howard Tenenbaum and Gary Rosen.
At 750 Third Avenue, accounting and consulting firm Eisner LLP expanded by leasing 33,981 square feet for eight years, taking the entire 13th floor which was previously scheduled to become vacant in 2009. The firm will now occupy 106,904 square feet at Grand Central Square, which is 100% leased. The tenant was represented in the transaction by Harry Krausman of Colliers ABR, while SL Green was represented in-house by David Turino.
Also at 750 Third Avenue, the Republic of Poland signed a new 15-year lease covering 17,890 square feet. Poland's Permanent Mission to the United Nations is being relocated to the recently-renovated property, where it will occupy the entire 30th floor and part of the 29th floor, which was previously scheduled to become vacant in 2009. Ronald Shakerdge of Republic Realty Services, Inc. acted on behalf of the Mission, while SL Green was represented in-house by David Turino
Additionally, in SL Green's suburban portfolio, Merrill Lynch extended its 30,500-square-foot lease at 360 Hamilton, a 14-story, 384,000-square-foot Class A office building in White Plains, for another 10 years, beginning in January 2010. The building is 100% occupied. Merrill Lynch was represented by Paul Kauffman of Cushman & Wakefield, while SL Green was represented in-house by John Barnes and Clark Briffel.
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 September 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, at September 30, 2008, SL Green held 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.
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 http://www.slgreen.com/ or contact Investor Relations at 212-216-1601.
This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include the strength of the commercial office real estate markets in New York, competitive market conditions, unanticipated administrative costs, timing of leasing income, general and local economic conditions, interest rates, capital market conditions, tenant bankruptcies and defaults, the availability and cost of comprehensive insurance, including coverage for terrorist acts, and other factors, which are beyond the Company's control. We undertake no obligation to publicly update or revise any of the forward-looking information. For further information, please refer to the Company's filing with the Securities and Exchange Commission.
Tags: 1515 Broadway, 750 Third Avenue, 360 Hamilton Avenue, 1185 Avenue of the Americas, Steven M. Durels, David Turino, Howard Tenenbaum, Gary Rosen, Frank Doyle, Cynthia Wasserberger, Edward DiTolla, David Kleiner, David W. Levinson, David C. Berkey, Harry Krausman, Ronald Shakerdge, John Barnes, Paul Kauffman