SL Green Inks 103,000 Sq. Ft. of Lease Renewals with Seligman at 100 Park Avenue
New York, NY – June 5,2007 – SL Green Realty Corp. (NYSE: SLG) today announced that it has completed two new 10-year lease renewal agreements at 100 Park Avenue with J. & W. Seligman and Co. Incorporated and Seligman Data Corporation covering a total of 103,000 square feet. Included are J. & W. Seligman’s headquarters, comprising 90,000 square feet located on the seventh and eighth floors, and Seligman Data Corporation’s 13,300 square foot on a portion of the second floor. Both long-term tenants at 100 Park Avenue, J. & W. Seligman is one of the foremost investment management firms in the nation while its subsidiary, Seligman Data Corporation, is the shareholder service agent for the Seligman Group of Funds.
100 Park Avenue is currently undergoing a dramatic $70 million redevelopment program that will transform the property into the premier Park Avenue office building in the Grand Central area. The building has completed a spectacular new, two-story atrium lobby and has installed 2,500 new insulated windows. Ongoing renovations include a stunning new glass façade, sleek new elevator cabs with glass and stone accents, new HVAC systems, upgraded electric capacity, a new emergency generator, and state-of-the-art security.
Commenting on the new agreement, Steven Durels, Executive Vice President and Director of Leasing for SL Green, said, “As our redevelopment plan nears its midway point, the impressive results are plain for all to see, most particularly at the entrance to the building which now features a spectacular new atrium lobby, new elevator cabs and double height storefronts. We are delighted that J. & W. Seligman Company and Seligman Data Corporation, both valued and long-term tenants, share our vision for 100 Park Avenue as the preeminent Park Avenue office tower at Grand Central Terminal. These two transactions are strong endorsements of our redevelopment design and reflect our enduring commitment to strong tenant relationships.”
Located one block south of Grand Central Terminal between 40th and 41st streets, 100 Park Avenue is a 36-story, Class A building, containing 887,489 rentable square feet. The building offers 10,300 to 45,000 square foot floors. Other prestigious tenants include Altria, Fox Rothschild LLP and Gerling America Insurance.
Tara Stacom of Cushman & Wakefield represented the tenant in this transaction.
SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages a portfolio of Manhattan office properties. The Company is the only publicly held REIT that specializes exclusively in this niche. As of June 30, 2006, the Company owned 30 office properties totaling 18.8 million square feet. SL Green’s retail space ownership totals 439,300 square feet at eight properties.
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