Signs Robert Half International, Inc. to New Lease at 125 Park Avenue
Expands WPP’s Young & Rubicam Group at 3 Columbus Circle
New York, NY- October 25, 2012 – SL Green Realty Corp. (NYSE: SLG) announced today that Robert Half International, Inc. has signed a new 38,026 square foot, 11 year, lease at 125 Park Avenue, covering the entire fourth and part of the third floors.
Robert Half International, the world’s largest specialized staffing firm, is a recognized leader in professional consulting and staffing services.
125 Park Avenue, strategically located directly across 42nd Street from New York City’s Grand Central Terminal, is a classically ornate, fully modernized 654,852-square-foot office building.
“This lease, together with a recently signed new lease with Emerge212 covering 30,679 square feet, improves leasing to 83.6%,” said Steven Durels, SL Green’s Director of Leasing and Real Property, adding “these two transactions covering a total of 68,705 square feet at 125 Park Avenue were both signed within the past 30 days.”
The Company also announced today that WPP’s Young & Rubicam, Inc. (Y&R) has signed a lease for an additional 34,634 square feet at 3 Columbus Circle, a 26-story, 768,565 square foot property. The new 20-year lease covering the entire 11th floor is co-terminus with Y&R’s existing lease and increases its total commitment at 3 Columbus Circle to 373,766 square feet on 11 full floors.
“We are delighted to assist in Y&R’s rapid space expansion,” said Mr. Durels, who added “after recently completing a comprehensive redevelopment and repositioning of 3 Columbus Circle, we’re pleased that the office portion of the building is now at 73.6% leased as compared to an office occupancy of 17.2% at the time that SL Green took control of the building and commenced our repositioning plan in 2011.”
For the lease transaction with Robert Half International at 125 Park Avenue, Hal Stein and Neil Goldmacher of Newmark Grubb Knight Frank represented the tenant and SL Green was represented by Brian Waterman, David Falk, Daniel Levine, Peter Shimkin and Jonathan Tootell of Newmark Grubb Knight Frank.
CBRE’s Mary Ann Tighe and Gregory Tosko represented Y&R at 3 Columbus Circle, while Newmark Knight Frank’s Brian Waterman, Scott Klau and James Kuhn acted on behalf of SL Green.
About SL Green Realty Corp.
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, 2012, SL Green owned interests in 77 Manhattan properties totaling 39.3 million square feet. This included ownership interests in 27.5 million square feet of commercial properties and debt and preferred equity investments secured by 11.8 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests in 31 suburban assets totaling 5.4 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey, along with four development properties in the suburbs encompassing approximately 0.5 million square feet. The Company also has ownership interests in 31 properties totaling 4.5 million square feet in southern California.
Forward Looking Statements
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
Director, Investor Relations