SL Green Inks 100,000 Square Foot Lease with Beam Suntory at 11 Madison Avenue

Rhea-AI Summary

SL Green Realty Corp. (NYSE: SLG) announced a significant 15-year lease with Beam Suntory for 99,556 square feet at 11 Madison Avenue, achieving 100% occupancy for the building. This location will serve as Beam Suntory’s global headquarters, enhancing its presence in New York—a key market for its premium spirits strategy. The deal highlights the attractiveness of 11 Madison Avenue, known for its architecture and prime location. SL Green, a major player in Manhattan’s commercial real estate, continues to manage a substantial portfolio, with interests in 93 buildings totaling 40.6 million square feet.

Positive

• Achieved 100% occupancy at 11 Madison Avenue with Beam Suntory lease.
• Long-term lease of 15 years enhances stability and revenue.
• Beam Suntory's move reflects growth in premium spirits sector.

Negative

• None.

SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that Beam Suntory, a world leader in premium spirits, has signed a 99,556 square foot lease at 11 Madison Avenue. The 15-year lease covers the entire 12th floor and brings the building’s occupancy to 100%.

“We’re delighted to welcome Beam Suntory to 11 Madison Avenue,” said Steven Durels, Executive Vice President and Director of Leasing and Real Property at SL Green. “11 Madison has long enjoyed great popularity due to its large floor plates, beautiful architecture and spectacular location across from Madison Square Park.”

11 Madison Avenue will serve as Beam Suntory’s global headquarters, as well as a key global office for Beam Suntory’s parent company, Suntory Holdings. Beam Suntory expects to open the office at 11 Madison next year following design and construction of the space.

“As one of the world’s greatest global cities, New York provides a stimulating setting to accelerate our premiumization strategy and growth ambitions. We see excellent opportunities to immerse our company and global brand building efforts more deeply in New York’s vibrant restaurant, bar and consumer environment, what we call the Gemba,” said Albert Baladi, president & CEO of Beam Suntory. “11 Madison is a perfect fit for us.”

Other building tenants include Credit Suisse, SONY Corporation of America and WME IMG.

David Kleinhandler, James Whalen, Maura Flanagan and Joe Cybulski of CBRE represented the tenant. Brian Waterman, Scott Klau, Erik Harris and Brent Ozarowski of Newmark Knight Frank represented the landlord in this transaction.

About SL Green Realty Corp.

SL Green Realty Corp., an S&P 500 company and 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, 2020, SL Green held interests in 93 buildings totaling 40.6 million square feet. This included ownership interests in 29.2 million square feet of Manhattan buildings and 10.3 million square feet securing debt and preferred equity investments.

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. These risks and uncertainties include, but are not limited to, potential risks and uncertainties relating to the novel coronavirus (COVID-19).

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210127005490/en/

FAQ

What recent lease agreement was announced by SL Green Realty Corp. (SLG)?

SL Green announced a 99,556 square foot lease agreement with Beam Suntory for 11 Madison Avenue.

What is the duration of the lease signed by Beam Suntory at SLG's property?

The lease signed by Beam Suntory is for 15 years.

What occupancy rate has SLG achieved at 11 Madison Avenue after the new lease?

SL Green has achieved 100% occupancy at 11 Madison Avenue.

What location will Beam Suntory establish as its global headquarters?

Beam Suntory will establish its global headquarters at 11 Madison Avenue.

How does Beam Suntory view its move to New York according to SLG's PR?

Beam Suntory views its move to New York as a way to accelerate its premiumization strategy and growth ambitions.