SL Green Signs Two New Tenants at 100 Park Avenue
October 9th, 2008 at 9:13 AM
Adveq Management and Morgan Creek Capital Management Commit to 10,600 Square Feet of Build-To-Suit Space
New York, NY - October 7, 2008 - SL Green Realty Corp. is pleased to announce that two new tenants have signed leases totaling 10,654 square feet covering the entire 28th floor of 100 Park Avenue.
Morgan Creek Capital Management LLC signed a five-year lease for 5,479 square feet and Adveq Management US, Inc. signed a ten-year lease for 5,175 square feet.
"We were pleased to work with Morgan Creek and Adveq to provide customized, build-to-suit installations for each tenant," said Steven Durels, Executive Vice President and Director of Leasing and Real Property for SL Green. SL Green had originally planned to construct two pre-builds on the floor, but instead leased the space before ever commencing construction.
100 Park Avenue recently received BOMA's 2007-2008 award for Best Renovated Building of the Year in connection with a comprehensive $72 million redevelopment that included a new soaring two-story atrium lobby, complete re-cladding of the façade featuring a glass curtain wall along Park Avenue, 2,000 new insulated windows, new elevator cabs and extensive infrastructure upgrades. Additionally, 100 Park Avenue is scheduled to be one of the first existing commercial buildings to receive a silver LEED designation in Manhattan.
Morgan Creek Capital Management, LLC is a registered investment adviser, providing investment management and advisory services based on the University Endowment Model of investing to wealthy families, individuals and institutional investors. The company provides advice on asset allocation, manager selection and portfolio construction through advisory relationships and discretionary strategies.
Adveq is the leading independent private equity fund of funds investment manager in Europe. Founded in 1997, Adveq currently manages approximately $3 billion in assets for its clients who consist of almost entirely international institutional investors including pension funds, insurance companies, family offices and other financial services providers, that are located primarily in Europe, Asia, Australia and the United States.
Eric Dresdale of Newmark Knight Frank represented Morgan Creek Capital Management, while David Dusek of Studley represented Adveq Management. Tara Stacom of Cushman & Wakefield acted on behalf of SL Green in both transactions.
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.