Business & Investment

Manhattan Office Lease SL Green Ink 217KSF

One Vanderbilt. Image courtesy of SL Green Realty Corp.

SL Green Realty Corp. continues to enter into lease agreements for its entire portfolio in Manhattan, signing three separate agreements totaling 217,300 square feet on 919 Third Avenue and One Vander Built Avenue.

With the largest transaction. SL Green closed its approximately 191,200-square-foot lease expansion with Tenant Bloomberg LP on 919 Third Avenue, a 1.5-million-square-foot Midtown Manhattan Tower co-owned by the New York State Teacher Retirement Program. The 47-story Skidmore Orwings and Merrill-designed skyscraper expansion, including space from 28th to 33rd floors, will give media and financial companies a total area of ​​approximately 748,400 square feet: .. Previous extension In 2016 it will be about 205,000 square feet.

Read again: Beware of the hidden issues of commercial leasing: Part II

In Wanderbuilt, there is a tower of about 1.7 million square feet. Developed by SL Green In 2020, REITs signed two leasing transactions between Hines and the National Pension Service of South Korea.

919 Third Avenue, Manhattan
919 Third Avenue Image courtesy of SL Green Realty Corp.

Private equity firm FlexPointford has signed a new lease that occupies just over 19,500 square feet on the 61st floor of a 77-story skyscraper Midtown skyscraper. In addition, Stonepoint Capital LLC has increased its occupancy of properties designed by Kohn Pedersen Fox Associates and has signed an expansion lease of approximately 6,600 square feet on the 50th floor. In FlexpointFord and StonePoint transactions, One Vanderbilt, Recently landed a $ 3 billion refinancing, Currently 92.7% are leased.

SL Green has relied on the CBRE teams of Robert Alexander, Ryan Alexander, Emmanuel Chabrier and Alex Damario to participate in the new leasing deal. CBRE’s Craig Reicher and Howard Fiddle represented Bloomberg, CBRE’s John Maher and Hugh McDonald represented Stonepoint Capital, and Newmark’s Jared Horowitz represented Flexpoint Ford. rice field.

Pandemic-resistant portfolio

If the Manhattan office market is struggling in an era of pandemic recovery, and if it is, SL Green will appear unaffected by the challenges. Absorption remains negative throughout Manhattan. However, according to Newmark’s report, as in the third quarter, occupancy rates declined in the second month, despite the addition of seven large blocks of at least 100,000 square feet to the market.

The third quarter was quite rosy for SL Green. According to the company’s revenue report, REIT’s Manhattan office portfolio recorded a quarterly share of 93.1 percent.

“Most of the leasing is driven specifically by one of the financial services businesses. This is 40% of the current pipeline, TAMI is about 28% of the current pipeline. And much of the activity. The focus seems to be on higher quality buildings, “said Stephen Durrells, Executive Vice President and Director of Leasing and Real Estate at SL Green Realty Corp., on October 21st. I mentioned at the meeting. 2021.

“Thankfully in our portfolio, most of our buildings continue to develop as a healthy working environment and have enjoyed significant capital investment over the years. It benefits us. , Helps increase our rental speed. “

Manhattan Office Lease SL Green Ink 217KSF Manhattan Office Lease SL Green Ink 217KSF

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