167,000 Sq. Ft. 15-year Lease Extension
NEW YORK--(BUSINESS WIRE)-- SL Green Realty Corp. (NYSE:SLG), New York City's largest commercial property owner, today announced that Omnicom Group has extended its lease term for 15 years covering 167,003 square feet on floors 11-15 at 220 East 42nd Street, also known as "The News Building". Omnicom is a global network of leading marketing communication companies with over 1,500 agencies located in more than 100 countries.
"Omnicom is one of the world's great companies and we're delighted to continue our long term relationship," said Steven Durels, Executive Vice President and Director of Leasing and Real Property for SL Green.
Durels added, "Businesses continue to be attracted to The News Building because of its large floor plates, historic architecture and convenience to Grand Central Terminal. The building shares many of the physical characteristics that appeal to tenants in the technology, media and advertising industries."
The News Building is a 37-story, 1.2 million-square foot landmark building located two blocks from Grand Central Terminal. It was designated a National Historic Landmark in 1998, and is one of the New York City's major Art Deco presences. Other prestigious building tenants include WPIX TV, Tribune Company, The United Nations and Martin Clearwater & Bell.
Lee Feld of Feld Real Estate LLC represented Omnicom in the transaction, while SL Green acted on its own behalf.
About SL Green Realty Corp.
SL Green Realty Corp., New York City's largest office landlord and an S&P 500 Company, 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 September 30, 2015, SL Green held interests in 121 Manhattan buildings totaling 43.2 million square feet. This included ownership interests in 30.6 million square feet of commercial buildings and debt and preferred equity investments secured by 12.6 million square feet of buildings. In addition to its Manhattan investments, SL Green held ownership interests in 35 suburban buildings totaling 5.3 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey.
About Omnicom
Omnicom's portfolio includes three global advertising agency networks: BBDO, DDB and TBWA; two of the world's premier providers of media services: OMD and PHD, part of Omnicom Media Group. Omnicom also manages a global diversified group of agencies, under the DAS Group of Companies. DAS includes over 200 brands across numerous marketing disciplines: public relations, medical and pharmaceutical marketing, customer relationship management, entertainment and events, shopper, branding and design, and research.
SLG- LEAS
View source version on businesswire.com: http://www.businesswire.com/news/home/20160127005716/en/
For SL Green Realty Corp.:
Steven Durels, 212-216-1617
Executive Vice President,
Director of Leasing and Real Property
Source: SL Green Realty Corp.
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