NEW YORK, Dec. 04, 2023 (GLOBE NEWSWIRE) — SL Green Realty Corp. (NYSE: SLG), and Vornado Realty Trust (NYSE: VNO) today announced that they have signed a 15-year renewal and expansion lease with a premier financial services tenant covering 269,905 square feet on six floors at 280 Park Avenue. Spanning the entire block front of Park Avenue between 48th and 49th Streets, 280 Park Avenue is a best-in-class 1.25 million-square-foot Midtown Manhattan office building owned in joint venture between SL Green and Vornado.
“This lease together with the previously announced 100,000 square foot renewal and expansion lease with one of the world’s largest sovereign wealth funds reaffirms the strength of the Park Avenue submarket,” said Glen Weiss, Executive Vice President, Office Leasing – Co-Head of Real Estate at Vornado, and Steven Durels, SL Green’s Executive Vice President, Director of Leasing and Real Property, speaking on behalf of the joint venture. “We are committed to continuing to deliver a premium experience that not only meets but exceeds our tenants’ expectations.”
280 Park Avenue has benefitted from a $150 million full property redevelopment and modernization previously completed by the joint venture, including the creation of an expansive world-class lobby with 25-foot-high ceilings extending the full block-front of Park Avenue. Other highlights include a modernized amenities package, an extensive program to enhance environmental sustainability, a complete redesign of the building’s adjacent plaza and building-wide infrastructure upgrades.
The tenant was represented by Mary Ann Tighe, Ken Meyerson, Brendan Herlihy, Eric Thomas, and Marlee Teplitzky of CBRE together with Evan Margolin of JLL, while the joint venture was represented by Glen Weiss and Steven Durels along with the CBRE team of Peter Turchin, Greg Rothkin and Jason Pollen.
About SL Green Realty Corp.
SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2023, SL Green held interests in 59 buildings totaling 32.5 million square feet. This included ownership interests in 28.8 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.
About Vornado Realty Trust
Vornado Realty Trust is a fully integrated real estate investment trust (“REIT”) with a portfolio of premier New York City office and retail assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns the premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with over 27 million square feet of LEED-certified buildings and over 23 million square feet at LEED Gold or Platinum.
Forward Looking Statement
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For SL Green:
Source: SL Green Realty Corp