Press Release Details

SL Green Signs 1.2 Million Square Feet of Commercial Leases During 4th Quarter

Dec 9, 2019 at 7:35 AM EST
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2.3 Million Square Feet of Office Leases Signed Year to Date

Amazon Leases 335,000 square feet at 410 Tenth Avenue

NEW YORK--(BUSINESS WIRE)--Dec. 9, 2019-- SL Green Realty Corp., New York City's largest office landlord, today announced it has signed 1,157,104 square feet of office and retail leases to date during the 4th quarter of 2019. This raises the total amount of office leases signed year to date to 2,341,999 square feet.

Amazon signed a new 335,408 square foot lease at 410 Tenth Avenue, formerly known as 460 West 34th Street. This lease, together with the previously announced lease with First Republic Bank covering 211,521 square feet, increases the building occupancy to 96.2%.

Other significant office leases include:

  • Strategic Family, Inc. signed a new 10-year lease covering 82,557 square feet on the entire 6th and 7th floors at 711 Third Avenue. The tenant was represented by David Sturner, Jessica Tenenbaum and Joseph Friedman at MHP Real Estate Services.
  • Greenberg Traurig LLP signed a 15-year lease covering 46,744 square feet at 420 Lexington Avenue. The lease includes a 9,848 square foot renewal on the 5th floor together with expansion space of 36,896 square feet on a portion of the 19th floor covering 35% of SL Green’s existing corporate headquarters space.
  • ITV US Holdings signed a new 10-year lease covering 31,971 square feet on the entire 15th floor at 100 Park Avenue. The tenant was represented by Greg Taubin and Nick Farmakis of Savills. The landlord was represented by Tara Stacom, Barry Zeller, Justin Royce, Pierce Hance and Connor Daugstrup of Cushman & Wakefield.
  • Wilk Auslander LLP signed a new 10-year lease covering 24,396 square feet on a portion of the 29th floor at 825 Eighth Avenue, also known as Worldwide Plaza. The tenant was represented by Tim Dempsey and David Maurer-Hollaender at CBRE.
  • Cardinia Real Estate LLC, a wholly owned subsidiary of Omnicom, signed a new 10-year lease covering 20,310 square feet on the entire 31st floor at 280 Park Avenue. The tenant was represented by Lee Feld of Feld Real Estate and Stephen Siegel of CBRE. The landlord was represented by Mary Ann Tighe, Peter Turchin, Gregg Rothkin and Jason Pollen of CBRE
  • McDermott Will & Emery LLP signed its second 20-year expansion lease at One Vanderbilt Avenue covering 15,860 square feet on a portion of the 44th floor. This expansion increases McDermott’s total commitment at One Vanderbilt to 146,642 square feet. The tenant was represented by Moshe Sukenik and Noel Flagg at Newmark Knight Frank.
  • Goldberg Segalla, LLP signed a new 7-year lease covering 10,442 square feet on a portion of the 15th floor at 711 Third Avenue. The tenant was represented by Kyle Cimenelli at Newmark.

These leases are in addition to the previously announced leases signed during the 4th quarter with BMW covering 226,556 square feet at 555 W 57th Street, Oak Hill Advisors at One Vanderbilt Avenue covering 45,954 square feet, Crowe LLP at 485 Lexington Avenue covering 44,493 square feet, West Monroe Partners at 825 Eighth Avenue covering 41,715 square feet, Carlyle Investment Management at One Vanderbilt Avenue covering 33,034 square feet and The Center on Addiction & Substance Abuse at 711 Third Avenue covering 30,035 square feet.

Significant new retail leases include:

  • RAD Entertainment Group LLC, the prior operator of the Beacon Theater, signed a new 20-year, 39,436 square foot lease covering the ground and lower levels at 1515 Broadway. RAD will replace the current tenant Playstation Theater. The landlord was represented by Ariel Schuster, Ross Berkowitz and Jared Robins of Newmark Knight Frank.
  • Walgreens entered into an agreement to vacate One Madison and signed a new 10-year, 8,548 square foot lease covering portions of the ground and 2nd floors at 304 Park Avenue South. Walgreen’s was represented by Erin Grace and Michael Riley of Jones Lang LaSalle.

“Leasing velocity has remained strong throughout the year with a notable uptick during the 4th quarter, during which we expect to sign over 1.3 million square feet of leases. A notable highlight of the year is the newly signed deal with Amazon which leased the majority of the remaining available office space at our recently acquired 410 Tenth Avenue where we are currently performing a comprehensive redevelopment of the building,” said Steven Durels, Executive Vice President and Director of Leasing and Real Property for SL Green, who added, “ There has been robust demand from tenants within the TAMI, FIRE and legal sectors and our portfolio of well-located and recently redeveloped buildings is particularly well suited to attract tenants from these industries.”

Additionally, SL Green Leasing LLC, as leasing agent, represented the landlord at 245 Park Avenue in the following office and retail leases:

  • Angelo Gordon & Co., LP a leading investment firm signed a 10-year renewal and expansion lease covering 138,669 square feet on floors 23-26. The tenant was represented by David Falk and Peter Shimkin of Newmark Knight Frank.
  • Dos Caminos, a popular Mexican restaurant, signed a new 10-year lease covering 12,114 square feet on the ground and mezzanine floors. The tenant was represented by Lee Brock of Winick Realty Group.
  • Scott Young Golf signed a 15-year lease covering 4,255 square feet on the ground floor level. Adam Weinblatt of Newmark Knight Frank was co-broker for the landlord.

About SL Green

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 September 30, 2019, SL Green held interests in 93 Manhattan buildings totaling 45.0 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 17.8 million square feet securing debt and preferred equity investments. In addition, SL Green held ownership interests in 7 suburban properties comprised of 15 buildings totaling 2.3 million square feet in Brooklyn, Westchester County, and Connecticut.

Forward-looking Statement

This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements. Forward-looking statements are not guarantees of future performance and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements are described in our filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

SLG- LEAS

Source: SL Green Realty Corp.

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BerlinRosen
slgreen@berlinrosen.com