SL Green to Build New 215,00-Square-Foot Building for Long-Term Tenant
NEW YORK–(BUSINESS WIRE)–
SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, today announced that it has entered into a 99-year ground lease of 126-132 Nassau Street, located at the corner of Nassau and Beekman Streets. SL Green intends to develop a new, as-of-right, 215,000-square-foot building on the site and has secured a user for a long term net ground lease condominium of the building. The existing 98,412-square-foot office building will be demolished to make way for the new tower.
“We are thrilled to announce our fourth ground up construction project in Lower Manhattan, adding to our strong history of successful downtown projects at 180 Broadway, 33 Beekman, and 185 Broadway,” said Brett Herschenfeld, Managing Director of SL Green. “Lower Manhattan has become a global destination, serving as a hub of commercial, residential and retail activity, and we’re confident this development will build upon the momentum that downtown continues to enjoy.”
David Falk and Kyle Ciminelli of Newmark Knight Frank represented the buyer on the 30-year leasehold condominium. Ross Berkowitz and Ariel Schuster of Newmark Knight Frank consulted on the transaction.
About SL Green
SL Green Realty Corp., an S&P 500 company and 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 December 31, 2019, SL Green held interests in 97 buildings totaling 44.0 million square feet. This included ownership interests in 26.5 million square feet of Manhattan buildings and 16.4 million square feet securing debt and preferred equity investments.
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Source: SL Green Realty Corp.
Source: SL Green Realty Corp.