New York, NY – October 27, 2011 – SL Green Realty Corp. (NYSE: SLG) today reported that it had entered into three lease transactions totaling 317,758 square feet, including 95,271 square feet of expansions. The deals represent a continuation of already strong 2011 leasing momentum for New York City’s largest office landlord, as it increases its Manhattan portfolio occupancy.
The leases announced today are:
- Beth Israel Medical Center, which signed a 112,941-square-foot, 15-year lease renewal for office space at 555 West 57th Street. The world-renowned health care provider remains at the 20-story, 975,983-square-foot building, where it has been a long-term tenant. The building is 99% occupied.
- Bloomingdales signed a 147,652-square-foot, 10-year lease for office space at 919 Third Avenue. The transaction includes a 37,454 square foot expansion. The 1.5 million-square-foot, 47-story tower is 100% occupied.
- HealthFirst signed a 57,817-square-foot, 20-year expansion, taking an additional full floor at 100 Church Street in downtown Manhattan. The health insurance provider, which signed its first lease at the building last year, will now occupy a total of 229,817 square feet. The property is now 83% leased following SL Green’s repositioning of the asset and lease-up of space, which had previously been vacant for five years during prior ownership.
“We believe these significant long-term leases are a confirmation of continued healthy leasing activity as we approach year end,” commented Steven Durels, executive vice president, Director of Leasing and Real Property for SL Green. “Well-established organizations in a wide variety of industry sectors continue to evaluate their long-term space requirements and take advantage of current opportunities to lock in rents at premier SL Green owned and operated buidings.”
Josh Kuriloff of Cushman & Wakefield represented Beth Israel; CBRE’s Scott Gottlieb and Michael Laginestra acted on behalf of Bloomingdales; and Derek Trulson and Bill Peters of Jones Lang LaSalle represented HealthFirst.
SL Green Realty Corp., New York City’s largest office landlord, is the only 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, 2011, SL Green owned interests in 58 Manhattan properties totaling more than 35.3 million square feet. This included ownership interests in 25.8 million square feet of commercial properties and debt and preferred equity investments secured by 9.5 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests and debt and preferred equity interests in 32 suburban assets totaling 7.3 million square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey, along with four development properties in the suburbs encompassing approximately 465,000 square feet.
This press release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the Manhattan, Brooklyn, Queens, Westchester County, Connecticut, Long Island and New Jersey office markets, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate.
Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” or the negative of these words, or other similar words or terms.
Forward-looking statements contained in this press release are subject to a number of risks and uncertainties that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. These risks and uncertainties include the effect of the credit crisis on general economic, business and financial conditions, and on the New York metropolitan real estate market in particular; dependence upon certain geographic markets; risks of real estate acquisitions, dispositions and developments, including the cost of construction delays and cost overruns; risks relating to structured finance investments; availability and creditworthiness of prospective tenants and borrowers; bankruptcy or insolvency of a major tenant or a significant number of smaller tenants; adverse changes in the real estate markets, including reduced demand for office space, increasing vacancy, and increasing availability of sublease space; availability of capital (debt and equity); unanticipated increases in financing and other costs, including a rise in interest rates; our ability to comply with financial covenants in our debt instruments; our ability to maintain our status as a REIT; risks of investing through joint venture structures, including the fulfillment by our partners of their financial obligations; the continuing threat of terrorist attacks, in particular in the New York metropolitan area and on our tenants; our ability to obtain adequate insurance coverage at a reasonable cost and the potential for losses in excess of our insurance coverage, including as a result of environmental contamination; and legislative, regulatory and/or safety requirements adversely affecting REITs and the real estate business, including costs of compliance with the Americans with Disabilities Act, the Fair Housing Act and other similar laws and regulations.
Other factors and risks to our business, many of which are beyond our control, are described in our filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.
Steven Durels, Exec VP,
Director of Leasing and Real Property
SL Green Realty Corp.