SL Green and Vornado Announce 270,000-Square-Foot Lease with a Premier Financial Services Tenant at 280 Park Avenue

Rhea-AI Summary

SL Green Realty Corp. (NYSE: SLG) and Vornado Realty Trust (NYSE: VNO) have signed a 15-year renewal and expansion lease with a premier financial services tenant covering 269,905 square feet on six floors at 280 Park Avenue. This lease reaffirms the strength of the Park Avenue submarket and demonstrates the commitment to delivering a premium experience for tenants. The property has undergone a $150 million full property redevelopment and modernization, including the creation of an expansive world-class lobby, modernized amenities, environmental sustainability enhancements, and building-wide infrastructure upgrades.

NEW YORK, Dec. 04, 2023 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), and Vornado Realty Trust (NYSE: VNO) today announced that they have signed a 15-year renewal and expansion lease with a premier financial services tenant covering 269,905 square feet on six floors at 280 Park Avenue. Spanning the entire block front of Park Avenue between 48th and 49th Streets, 280 Park Avenue is a best-in-class 1.25 million-square-foot Midtown Manhattan office building owned in joint venture between SL Green and Vornado.

“This lease together with the previously announced 100,000 square foot renewal and expansion lease with one of the world’s largest sovereign wealth funds reaffirms the strength of the Park Avenue submarket,” said Glen Weiss, Executive Vice President, Office Leasing - Co-Head of Real Estate at Vornado, and Steven Durels, SL Green’s Executive Vice President, Director of Leasing and Real Property, speaking on behalf of the joint venture. “We are committed to continuing to deliver a premium experience that not only meets but exceeds our tenants’ expectations.”

280 Park Avenue has benefitted from a $150 million full property redevelopment and modernization previously completed by the joint venture, including the creation of an expansive world-class lobby with 25-foot-high ceilings extending the full block-front of Park Avenue. Other highlights include a modernized amenities package, an extensive program to enhance environmental sustainability, a complete redesign of the building’s adjacent plaza and building-wide infrastructure upgrades.

The tenant was represented by Mary Ann Tighe, Ken Meyerson, Brendan Herlihy, Eric Thomas, and Marlee Teplitzky of CBRE together with Evan Margolin of JLL, while the joint venture was represented by Glen Weiss and Steven Durels along with the CBRE team of Peter Turchin, Greg Rothkin and Jason Pollen.

About SL Green Realty Corp.
SL Green Realty Corp., Manhattan'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, 2023, SL Green held interests in 59 buildings totaling 32.5 million square feet. This included ownership interests in 28.8 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.

About Vornado Realty Trust

Vornado Realty Trust is a fully integrated real estate investment trust (“REIT”) with a portfolio of premier New York City office and retail assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns the premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with over 27 million square feet of LEED-certified buildings and over 23 million square feet at LEED Gold or Platinum.

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 actual results or developments may differ materially, 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 include the risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

PRESS CONTACTS

For SL Green:
slgreen@berlinrosen.com

For Vornado:
Tom Sanelli
(212) 894-7433
tsanelli@vno.com

SLG-LEAS

 

FAQ

What is the latest news about SL Green Realty Corp. (NYSE: SLG) and Vornado Realty Trust (NYSE: VNO)?

SL Green Realty Corp. (NYSE: SLG) and Vornado Realty Trust (NYSE: VNO) have signed a 15-year renewal and expansion lease with a premier financial services tenant covering 269,905 square feet on six floors at 280 Park Avenue.

What are the key features of the lease agreement at 280 Park Avenue?

The lease reaffirms the strength of the Park Avenue submarket and demonstrates the commitment to delivering a premium experience for tenants. The property has undergone a $150 million full property redevelopment and modernization, including the creation of an expansive world-class lobby, modernized amenities, environmental sustainability enhancements, and building-wide infrastructure upgrades.

Who represented the tenant and the joint venture in the lease agreement?

The tenant was represented by Mary Ann Tighe, Ken Meyerson, Brendan Herlihy, Eric Thomas, and Marlee Teplitzky of CBRE together with Evan Margolin of JLL, while the joint venture was represented by Glen Weiss and Steven Durels along with the CBRE team of Peter Turchin, Greg Rothkin, and Jason Pollen.