SL Green Embarks on Comprehensive Leasing Campaign At 3 Columbus Circle
January 31st, 2011 at 11:39 AM
700,000 Sq Ft of Available Space; Sweeping Central Park Views; $175 Million Redevelopment Program Nears Completion; Corporate Branding Opportunities
Newmark Knight Frank Named as Co-Leasing Agent for 26-story Tower Located at 1775 Broadway
New York, NY - January 31, 2011- SL Green Realty Corp. (NYSE: SLG) will immediately embark upon a comprehensive marketing and leasing campaign at 3 Columbus Circle, following today's announcement that the building has been recapitalized. SL Green will oversee all aspects of the building's leasing campaign including transaction structure, tenant communication, marketing and broker outreach. A full re-positioning plan will be implemented by SL Green which includes a re-designed capital plan and implementation of operating standards consistent with all other buildings in SL Green's highly regarded portfolio.
Newmark Knight Frank has been retained as co-broker to assist with leasing over 700,000 square feet of available space in the 768,565-square-foot property located at 1775 Broadway. The 26-story tower, which occupies the entire block between Broadway and Eighth Avenues, commands a prominent position overlooking Columbus Circle and provides sweeping views of Central Park.
"We are enthusiastic about the opportunity to launch the re-positioning of 3 Columbus Circle," said Steven Durels, Executive Vice President, Director of Leasing and Real Property for SL Green. "The building has a number of unique features, which include a variety of rooftop terraces, ceiling heights up to 14' 6" and a large block of contiguous floors. The building's comprehensive capital improvement program, now nearing completion, includes new lobby, elevators, windows, glass façade, roofs, bathrooms, HVAC and security systems."
Floor sizes at 3 Columbus Circle range between 21,000 - 41,000 square feet and provide a high ratio of windows to interior space. Convenient to Midtown's finest shopping, restaurants and hotels, it is steps away from Central Park and the amenities surrounding Columbus Circle. Additionally, the building sits atop one the City's busiest transportation hubs at West 59th Street, offering direct access to the 1, A, B, C, and D subway lines.
According to Mr. Durels, there is an extraordinary corporate branding opportunity. "Only a handful of Manhattan skyscrapers are permitted illuminated rooftop signage, and the signage at 3 Columbus Circle is the most visible and well known of them all."
Additionally, 3 Columbus Circle offers an exceptional retail opportunity of up to 87,000 square feet by combining the ground, second and third floors. Floor to ceiling windows overlook heavy pedestrian traffic along Broadway, Eighth Avenue, 57th Street and Columbus Circle.
The leasing and building re-positioning will be led by SL Green's experienced team working together with Newmark's Scott Klau, Brain Waterman, James Kuhn, Eric Harris, John Fanuzzi and Lance Korman.
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, 2010, the Company owned interests in 30 New York City office properties totaling approximately 22,324,460 square feet, making it New York's largest office landlord. In addition, at December 31, 2010, SL Green held investment interests in, among other things, 11 retail properties encompassing approximately 405,362 square feet, four development properties encompassing approximately 465,441 square feet and three 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.