SL Green Complete's $4.5 Million Lobby and Storefront Renovation at 333 W. 34th Street
February 25th, 2010 at 3:36 PM
Repositioning Features 21,000 Square Feet of New Retail Space
Renovation Follows Prior Retail Re-development of New 29 W. 34th Street
and 1551 Broadway in Times Square
New York, NY -February 9, 2010 - SL Green Realty Corp. (NYSE: SLG) is pleased to announce the completion of a $4.5 million lobby and storefront redevelopment at 333 W. 34th Street, the 10-story, 349,896-square-foot tower situated midblock between Eighth and Ninth Avenues.
Designed as part of a comprehensive re-positioning plan following SL Green's acquisition of the building in 2007, the very visible renovation features an enlarged and redesigned storefront and lobby. A new 21,000-square-foot retail space has been created on the ground floor by recapturing cafeteria and other underutilized space used by the building's previous office tenant.
The building lobby was designed with scaled European limestone finishes, augmented by an 18-foot high glass curtain wall system that wraps along the entire frontage of the building. Additional upgrades include improvements to the fire/life safety equipment, vertical transportation, security and visitor management systems. The equipment for the new technology was integrated into a new reception desk paneled in a limestone design that complements the rest of the lobby décor. Woertendyke Adjah Associates, Inc. (WAAI) and McGovern & Company were retained to oversee the design and construction of the project.
"Having just completed a series of successful lobby renovations at 711 Third Avenue, 810 Seventh Avenue, 16 Court Street, and 1515 Broadway, we saw this project as another opportunity to add substantial value to an underutilized building," said Edward V. Piccinich, SL Green Executive Vice President.
Entrances to both the buildings and new retail space have been outfitted with stainless steel and glass canopies, with the main entrance featuring a nine-foot high revolving glass door.
"Our goal was to radically change one's first impression of the building, and to elevate its profile along the 34th Street Corridor," added Mr. Piccinich.
"The quality of our re-development design was instrumental in pre-leasing 40 percent of the building to The Segal Company," said Steven Durels, SL Green Director of Leasing and Real Property. "We've had tremendous interest in the building from a wide variety of tenant users."
Just prior to the renovation of 333 W. 34th Street, SL Green completed two other development projects, both core and shell buildings, one a $14 million development further east at 29 West 34th Street, and one a $30 million project at 1551 Broadway.
SL Green constructed a three-story 18,000-square-foot core and shell building at 29 West 34th Street, then proceeded to strike leases with footwear retailers ALDO and GEOX, who were drawn to the proposed modern design of the building. The metal and glass curtain wall is a major design focal point, a grand departure from the typical pre-war stock of buildings that line the block between Fifth and Sixth Avenues.
According to Mr. Piccinich, "Developing the 34th Street site required a great level of precision, given the abutting buildings to the West and to the North. We acted as a community liaison for the occupants and owners of a neighboring hotel and residential buildings, while meeting the demands of an aggressive development schedule for both GEOX and ALDO, as they were taking possession of the new three-story building by May of 2009."
1551 Broadway, a major ground up development, was also a core and shell building consisting of three floors that is leased to national retailer American Eagle Outfitters for their New York City flagship. The turnkey development involved a complete repositioning of the site, which included demolition of the former Howard Johnson's restaurant building in the heart of Times Square. Tishman Construction managed the project, working with architect The Phillips Group.
"The property boasts 19-foot ceiling heights, topped with a soaring 250-high signage tower containing over 15,000 square feet of state-of-the-art LED signage," stated Mr. Piccinich. "We successfully completed construction on time and within budget for what was described as 2007's "Retail Deal of the Year." American Eagle was able to complete their build-out and subsequent grand opening last November, just prior to the busiest shopping season of the year."
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 December 31, 2009, the Company owned interests in 29 New York City office properties totaling approximately 23,211,200 square feet, making it New York's largest office landlord. In addition, at December 31, 2009, SL Green held investment interests in, among other things, eight retail properties encompassing approximately 374,812 square feet, three development properties encompassing approximately 399,800 square feet and two land interests, along with ownership interests in 31 suburban assets totaling 6,804,700 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.
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