Sl Green Signs Leases Totaling 692,925 Sf In 2q 2007
Leasing Driven by Early Renewals and Tenant Expansions
New York, NY – July 24, 2007 – SL Green Realty Corp. (NYSE: SLG) today announced that it completed 692,925 square feet in leasing transactions during the second quarter of 2007 throughout its portfolio of Manhattan office properties. Of note were substantial transactions in the Grand Central Terminal submarket where SL Green has undertaken several high profile and extensive repositioning programs of various properties.
“The second quarter has demonstrated the continued dynamism of Manhattan’s commercial real estate market in which SL Green is uniquely positioned to benefit,” commented Steven Durels, Executive Vice President and Director of Leasing and Real Property for SL Green. “Along with the vigorous leasing activity we’ve seen throughout our portfolio, we’re particularly pleased to see recent and on-going repositioning efforts at several of our buildings deliver substantial results. With leasing rates in line with New York’s most desirable office buildings, our properties have attracted prominent corporations and private companies seeking to relocate or expand their Manhattan presence.”
Highlights of some of the second quarter’s most outstanding leasing transactions throughout SL Green’s Manhattan portfolio include:
At 100 Park Avenue, whose $72 million redevelopment program, including stunning new façade, new windows, striking two-story Italian stone lobby, new elevator cabs and infrastructure upgrades, is nearing completion, J&W Seligman and Co. Incorporated and associated company, Seligman Data Corporation renewed their leases respectively for 90,039 square feet and 13,324 square feet. J&W Seligman extended its lease for 10 years and nine months, and Seligman Data Corporation signed a new 11-year, four month lease. Tara Stacom of Cushman & Wakefield, Inc. represented both tenants.
Located one block south of Grand Central Terminal between 40th and 41st streets, 100 Park Avenue is a 36-story, Class A building, containing 825,000 rentable square feet. The building offers 10,000 to 40,000 square foot floors.
At Grand Central Square’s 485 Lexington Avenue leading document-imaging firm, Konica Minolta Business Solutions USA signed a new 13-year lease for 26,400 square feet. Frank Coco of Cushman & Wakefield, Inc. represented the tenant. In the same building, KPS Capital Partners, a prominent private equity firm, leased 22,279 square feet for a term of 10 years and six months. Alan Wildes of CB Richard Ellis, Inc represented the tenant. Paul Glickman, Mitti Liebersohn, Tara Stacom, Alexander Chudnoff, Steven Bauer and Diana Biasotti of Cushman & Wakefield represented the landlord in these transactions.
485 Lexington Avenue is a 32-story, 926,122 square foot office tower that stands near Grand Central Terminal between 46th and 47th Streets. SL Green recently completed an extensive capital program that included replacement of 4,000 windows, upgrading of electric and HVAC capacities, new lobby and new storefronts together with an extensive re-branding program.
At Grand Central Square’s 750 Third Avenue, whose new $3.5 million lobby and security upgrade was completed in 2006, The Schonbraun McCann Group extended and expanded their office lease for a total of 23,216 square feet.
The 34-story, 750 Third Avenue contains 780,000 rentable square feet and has efficient floor plates ranging between 11,600 and 43,000 square feet.
At 220 East 42nd Street, prominent investment research firm, Value Line, Inc. renewed its 63,805 square foot lease for six years and five months. Michael Monahan of CB Richard Ellis represented the tenant in this transaction.
220 East 42nd Street, also known as The News Building, is a 37-story office tower at the corner of Second Avenue and 42nd Street. The property is world famous for its rotating globe, which was made famous in the Superman television series of the 1950s.
At 521 Fifth Avenue, SL Green signed a new 25,866 square foot, 15-year lease with retailer Circuit City Stores, Inc. for the ground and second floors. Patrick Smith of Staubach Retail represented the tenant in this transaction. Also at 521 Fifth Avenue, Royal Healthcare of Long Island renewed its 22,368 square foot lease for eight years. Harry Blair of GVA Williams represented the tenant.
Located within walking distance of both Grand Central Terminal and Penn Station on the northeast corner of Fifth Avenue and East 43rd Street, the 39-story 521 Fifth Avenue contains 459,566 square feet of office space. SL Green has commenced a $25 million redevelopment program that includes new lobby, elevator cabs, windows, storefronts, common area and infrastructure upgrades.
At 919 Third Avenue, insurer, New York Marine & General Insurance Company signed a new eight-year lease for 30,615 square feet increasing its occupancy to 65,000 square feet. Eric Schmall of Studley represented the tenant.
Located between 55th and 56th Streets on Third Avenue, the 47-story 919 Third Avenue is a Class A office tower, containing 1.4 million rentable square feet.
At 625 Madison Avenue, long-standing tenant and prominent fashion design house, Polo Ralph Lauren, Inc. signed a new 12-year lease for 25,062 square feet, increasing its presence in the building to a total of 349,700 square feet. David Goldstein and Matt Barlow of Studley represented the tenant in this lease expansion agreement.
625 Madison is a 558,000 square foot, 17-story building located in the highly desirable Plaza submarket. It is situated between 58th and 59th Streets along the prestigious stretch of Madison Avenue commonly referred to as “The Golden Mile.”
At 1372 Broadway, Wal-Mart Stores East, L.P. signed a new ten-year lease for 46,103 square feet. Barry Millberg of Treeline Real Estate Group represented the tenant in this transaction. Also at 1372 Broadway, leading fashion retailer, Ann Taylor Stores Corporation, renewed its 100, 062 square foot lease for 13 years and six months. David Goldstein and Matt Barlow of Studley represented the tenant.
Located in the heart of Times Square South, on Broadway between 37th and 38th Streets, convenient to both Grand Central Terminal and Penn Station, 1372 Broadway is a 21-story property, containing 534,000 rentable square feet.
At 810 Seventh Avenue, prominent investment manager, Hoplite Capital Management, LLC signed a new ten-year lease for 16,858 square feet. Daniel Madison of Newmark Knight Frank represented the tenant in this transaction.
Located at 53rd Street, within walking distance of Times Square and Central Park, 810 Seventh Avenue is a 41-story, Class A office property, containing 748,023 rentable square feet. SL Green has recently embarked upon a redesign of the building lobby together with a significant upgrade of electric capacity.
About SL Green Realty Corp.
SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. The Company is the only publicly held REIT that specializes in this niche. As of June 30, 2007, the Company owned 32 New York City office properties totaling approximately 22.5 million square feet, making it New York's largest office landlord. In addition, SL Green holds investment interests in Manhattan retail properties totaling approximately 284,000 square feet at nine properties, along with ownership of 33 suburban assets totaling 7.0 million square feet in 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 212-216-1601.