Press Release Details
SL Green Inks 110,974 SF in New and Renewal Leasing Transactions throughout Its New York City Office Portfolio
New York, NY - August 21, 2007 - SL Green Realty Corp. (NYSE: SLG) today announced that it has completed four new lease agreements, including two renewals, totaling 110,974 square feet in midtown Manhattan. The leases include space at 461 Fifth Avenue, 100 Park Avenue, 420 Lexington Avenue (the "Graybar Building") and 1185 Avenue of the Americas.
The latest leases are in addition to 692,925 square feet of leases signed through Q2 this year, as announced July 24. The Company's Manhattan portfolio is 97.5 percent leased.
Among new tenants, US Bank National Association, a holding of US Bancorp, signed a 10-year lease comprising 11,232 square feet for the entire 7th floor of 461 Fifth Avenue. Michael Burlant of Cushman & Wakefield, Inc. represented the tenant in this transaction.
Fund manager General American Investors Company, Inc, signed a new 10,750-square-foot lease comprising the entire 35th floor for 10 years at the newly repositioned 100 Park Avenue. Notably, this lease was executed at the building's new pricing level -- asking rent is now $105 per square, reflecting the strong demand for quality office space in New York City. Alexander Chudnoff and Haley Klein of Cushman & Wakefield, Inc. represented the tenant in this transaction.
In renewals, leading Israeli commercial banking group, Bank Leumi renewed its 55,253 square foot lease comprising the entire 10th floor at 420 Lexington Avenue through 2012. Brian Gell of CB Richard Ellis represented the tenant in this transaction.
At 1185 Avenue of the Americas, prominent investment manager M.D. Sass, renewed its lease for the entire 18th floor and a portion of the 17th floor, constituting 33,739 square feet, through 2017. Scott Klau at Newmark Knight Frank represented the tenant in this transaction and Howard Tenenbaum and Gary Rosen at SL Green Leasing LLC represented the landlord.
Commenting on the ongoing strength of SL Green's leasing activity, Steven Durels, Executive Vice President and Director of Leasing and Real Property, said, "Leasing momentum has continued unabated throughout the summer. We're particularly pleased that the mark to market for these new tenant leases represents on average a 93 percent increase over prior rents while these renewal leases have resulted in a 67 percent increase - a signal that New York City's commercial real estate market for quality space remains positive. Based on current pipeline activity, we expect the balance of the year to produce healthy leasing results."
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.
CONTACT
Steven Durels, Exec VP,
Director of Leasing and Real Property
(212) 216-1617