Nation’s largest not-for-profit home- and community-based health
care organization to relocate headquarters during 125th
Anniversary Year
NEW YORK–(BUSINESS WIRE)–
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
organization.
“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
efficiently.
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 www.slgreen.com 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 www.cushmanwakefield.com
or follow @CushWake
on Twitter.
SLG- LEAS
View source version on businesswire.com: http://www.businesswire.com/news/home/20160928005294/en/
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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