SL Green to Redevelop 638,000 Square Foot Building Located at Key
Intersection Between Hudson Yards and Manhattan West
NEW YORK--(BUSINESS WIRE)--Apr. 17, 2019--
SL Green Realty Corp. (NYSE: SLG), New York City’s largest office
landlord, today announced that First Republic Bank, a leading private
bank and wealth management company, has signed a new
211,521-square-foot, 15-year lease to occupy a portion of the ground and
mezzanine floors with two new retail bank branches together with the
entire second through sixth floors for corporate offices at 460 West 34th
Street.
SL Green entered into a contract to purchase a majority and controlling
interest in the building and is scheduled to close on the acquisition in
May, 2019. The building is located directly across from Hudson Yards and
Manhattan West along the full block front of Tenth Avenue between 33rd
and 34th Streets. The transaction marks SL Green’s first
major investment in the Hudson Yards neighborhood. SL Green will execute
a comprehensive, building-wide redevelopment of the 20-story, 638,000
square foot, Class-A office tower, with work to commence immediately
following acquisition.
“We’re proud to welcome First Republic Bank as the anchor tenant to the
exciting redevelopment of 460 West 34th Street,” saidSteven Durels, Executive Vice President and Director of Leasing and Real
Property at SL Green. “SL Green’s repositioning of 460 West 34th
Street will transform the building into a fantastic addition to the West
Side neighborhood, attracting tenants searching for creatively designed
office space with superior amenities. First Republic Bank believes in
the vision we have for 460 West 34th Street, and we look
forward to delivering them an office address they’re proud to call home.”
“First Republic is verypleased to partnerwith SL
Green in establishing both office space and dual retail locations on the
corners of 33rd and 34th Streets and 10th
Avenue,” said Jim Herbert, Chairman, CEO and Founder of First
Republic Bank. “This new space is located on a central block in the
vibrant, new Hudson Yards area, and supports our continued ability to
provide exceptional client service across the New York market.”
460 West 34th Street was once known as the Master Printers
Building and the building’s redesign will honor that industrial
heritage. The redevelopment will include relocation of the building’s
lobby entrance from the 34th Street side of the building to 33rd
Street, construction of a striking new glass box lobby together with new
9-foot-high industrial style windows, new elevators, double height
storefronts, and façade re-coloring. A highlight will be a new
5,000-square-foot roof deck with 3,000-square-foot lounge, ideal for
daily use and also available for tenants to host evening events. The
building enjoys numerous, large roof setback terraces. Office floors
have 13.5-foot-high floor slabs with mushroom-capped columns which
provide an exciting and creative work environment.
Frank Doyle, David Kleiner, Betsy Buckley and Ellen Grace of JLL
represented First Republic Bank. Brian Waterman, Scott Klau, and Eric
Harris from Newmark Knight Frank represented the landlord.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York City's largest
office landlord, 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 December 31, 2018, SL
Green held interests in 101 Manhattan buildings totaling 46.0 million
square feet. This included ownership interests in 27.8 million square
feet of Manhattan buildings and 18.2 million square feet of buildings
securing debt and preferred equity investments. In addition, SL Green
held ownership interests in 7 suburban properties comprised of 15
suburban buildings totaling 2.3 million square feet in Brooklyn,
Westchester County, and Connecticut.
About First Republic Bank
Founded in 1985, First Republic and its subsidiaries offer private
banking, private business banking and private wealth management,
including investment, trust and brokerage services. First Republic
specializes in delivering exceptional, relationship-based service and
offers a complete line of products, including residential, commercial
and personal loans, deposit services, and wealth management. Services
are offered through preferred banking or wealth management offices
primarily in San Francisco, Palo Alto, Los Angeles, Santa Barbara,
Newport Beach and San Diego, California; Portland, Oregon; Boston,
Massachusetts; Palm Beach, Florida; Greenwich, Connecticut; New York,
New York; and Jackson, Wyoming. First Republic is a constituent of the
S&P 500 Index and KBW Nasdaq Bank Index. For more information, visit firstrepublic.com.
SLG-LEAS
View source version on businesswire.com: https://www.businesswire.com/news/home/20190417005330/en/
Source: SL Green
SL Green Realty Corp.
slgreen@berlinrosen.com
646.452.5637
