SL Green Inks 308,000 Sq. Ft. 30-Year Leasehold Condominium Conveyance at 220 East 42nd Street to Visiting Nurse Service of New York

Nation’s largest not-for-profit home- and community-based health

care organization to relocate headquarters during 125th

Anniversary Year


SL Green Realty Corp. (NYSE:SLG), New York City’s largest commercial

property owner, today announced that it has executed an agreement to

convey a 30-year leasehold condominium interest covering

308,115-square-feet at 220 East 42nd Street, also known as the “News

Building”, to Visiting Nurse Service of New York (VNSNY), the country’s

largest not-for-profit home- and community-based health care


“We’re delighted to welcome VNSNY to the News Building. This was a

complicated transaction requiring the consolidation of numerous spaces,

the creation of a private tenant lobby and significant upgrade to

certain building infrastructure to support the tenant’s high density

occupancy,” said Steven Durels, Executive Vice President, Director of

Leasing and Real Property for SL Green, who added, “This transaction

together with the previously announced renewal of 231,114 sq. ft. with

Omnicom substantially mitigates the upcoming Omnicom lease expiration

covering 493,560 sq. ft.”.

“This move is part of a bold new vision for the future of VNSNY assuring

our ability to continue providing the best and most compassionate home

and community based health care for vulnerable New Yorkers,” explains

Guy Sansone, CEO of VNSNY, who added, “The move is particularly timely

as we will be celebrating our 125th Anniversary in 2018, and this new

centralized space will help us respond to the demands of a rapidly

changing healthcare system, positioning us to continue our mission for

another 125 years. We sought to find new space that would allow

efficient centralization of our services while remaining in the heart of

New York City; and to provide our staff with an innovative and

attractive work environment.”

The 30-year deal covers part of the second, entire third, fifth and

sixth, part of the seventh, and part of the ground and concourse level.

The not-for-profit is relocating from 1250 Broadway, where they have

occupied 320,000 square feet since 1994. The new location, which

features a turnkey installation, will serve as a centralized

headquarters. The large floorplates allow for better densification,

enabling VNSNY to occupy less space and run its operations more


A Cushman & Wakefield office leasing team of Tara Stacom and David E.

Green, along with Louis Wolfowitz and Mark Todrys from the firm’s

Corporate Finance & Investment Banking group completed the transaction

on behalf of VNSNY.

“Visiting Nurse Service of New York has a great relationship with SL

Green Realty, which previously owned 1250 Broadway,” said Stacom, a

Cushman & Wakefield Executive Vice Chairman. “220 East 42nd Street is a

great fit, with a separate entrance, plenty of natural light, terraces

and a convenient location near major public transportation.”

About SL Green Realty Corp.

SL Green Realty Corp., an S&P 500 company and New York City’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 June 30, 2016, the

Company held interests in 119 Manhattan buildings totaling 44.7 million

square feet. This included ownership interests in 28.0 million square

feet of commercial buildings and debt and preferred equity investments

secured by 16.7 million square feet of buildings. In addition, the

Company held ownership interests in 31 suburban buildings totaling 4.9

million square feet in Brooklyn, Long Island, Westchester County,

Connecticut and New Jersey. To be added to the Company’s distribution

list or to obtain the latest news releases and other Company

information, please visit our website at or

contact Investor Relations at (212) 594-2700.

About the Visiting Nurse Service of New York

Founded in 1893, the Visiting Nurse Service of New York (VNSNY) is the

largest not-for-profit home- and community-based health care

organization in the United States, serving the five boroughs of New York

City and Nassau, Suffolk and Westchester Counties. VNSNY focuses on

promoting the health and well-being of patients and families by

providing high-quality, cost-effective health care to vulnerable

individuals in their homes and communities. VNSNY also provides hospice

and palliative care to patients at the end of life, operates an array of

community mental health services, and private pay home services through

Partners in Care. In addition, VNSNY operates health plans through its

managed care affiliate, VNSNY CHOICE. On any given day, VNSNY has

approximately 33,000 patients in its care. In 2015, VNSNY clinicians

made over 1.5 million home- and community-based professional visits,

serving over 151,000 patients

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that

helps clients transform the way people work, shop, and live. Our 43,000

employees in more than 60 countries help investors optimize the value of

their real estate by combining our global perspective and deep local

knowledge with an impressive platform of real estate solutions. Cushman

& Wakefield is among the largest commercial real estate services firms

with revenue of $5 billion across core services of agency leasing, asset

services, capital markets, facility services (C&W Services), global

occupier services, investment & asset management (DTZ Investors),

project & development services, tenant representation, and valuation &

advisory. To learn more, visit

or follow @CushWake

on Twitter.


Steven Durels
Executive Vice President, Director of Leasing and

Real Property
SL Green Realty Corp.
(212) 216-1617

Source: SL Green Realty Corp.

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