SL Green Inks 393,000 Square Feet of Leases During the Fourth Quarter
SL Green Realty Corp. has signed 393,056 square feet of office leases in Manhattan during Q4 2020, pushing the year-to-date total to 1,176,681 square feet. By year-end, total leasing volume is expected to surpass 1.2 million square feet. Key leases include a 5-year renewal by Travelers Indemnity Company for 133,479 square feet and a 12-year lease by Heidrick & Struggles for 36,031 square feet at One Vanderbilt. SL Green highlights an increase in leasing activity, attributing it to its upgraded properties designed for a healthier work environment amid COVID-19.
- Signed 393,056 square feet of office leases in Q4 2020.
- Year-to-date leasing volume reached 1,176,681 square feet.
- Anticipates total leasing volume to exceed 1.2 million square feet for the year.
- Notable leases include a 5-year renewal by Travelers Indemnity Company and a 12-year lease by Heidrick & Struggles.
- None.
NEW YORK--(BUSINESS WIRE)--SL Green Realty Corp., Manhattan's largest office landlord, today announced that it has signed 393,056 square feet of Manhattan office leases to-date during the fourth quarter of 2020. This bring the total volume of Manhattan office leases signed year-to-date to 1,176,681 square feet. Leases expected to be signed before the end of the year will result in over 400,000 square feet of Manhattan office leases signed in the fourth quarter and total Manhattan office leasing volume in excess of 1.2 million square feet for the year.
Significant leases include:
- Travelers Indemnity Company signed a 5-year lease renewal covering 133,479 square feet covering the entire 6th through 8th floors at 485 Lexington Avenue. The tenant was represented by Robert Ageloff of Jones Lang LaSalle.
- Heidrick & Struggles, International, Inc. signed a new 12-year lease covering 36,031 square feet on the entire 25th floor at One Vanderbilt. The tenant was represented by Michael Liss and Justin Aronson of CBRE and the landlord was represented by Robert Alexander, Ryan Alexander, Emily Jones, and Alex D’Amario of CBRE.
- Cohen & Gresser signed a 10-year lease extension covering 33,900 square feet on the entire 19th through 21st floors at 800 Third Avenue. The tenant was represented by Noel Flagg of Newmark Knight Frank.
- Reitler, Kailas & Rosenblatt signed a new 13-year renewal and expansion lease covering 32,364 square feet on the entire 20th and 21st floors at 885 Third Avenue. The tenant was represented by Andrew Sachs and John Cilmi of Newmark Knight Frank and the landlord was represented by Brian Waterman and Scott Klau of Newmark Knight Frank.
- RSC Insurance Brokerage, Inc. signed a new 16-year lease covering 24,515 square feet on the entire 15th floor at 750 Third Avenue. The tenant was represented by Michael Gottlieb, Joseph Gervino, Ron Perry, Larry Epstein and Matt Perry of Avison Young. The landlord was represented by Paul Glickman, Diana Biasotti and Jonathan Fanuzzi of Jones Lang LaSalle.
- 1Life Healthcare, Inc. d/b/a One Medical signed a new 15-year lease covering 4,924 square feet on a portion of the ground and 2nd floor at One Vanderbilt Avenue. One Medical is a membership-only, modern primary care platform with seamless digital health and in-office care for individuals and businesses within the membership. It will serve as an additional amenity to the tenants at One Vanderbilt. The tenant was represented by Stephen Sjurset and Robert Bonicaro of CBRE and the landlord was represented by Alan Schmerzler, Michael O’Neill, Steven Soutendijk, Jason Greenstone and Sean Moran of Cushman & Wakefield.
The Heidrick & Struggles, International, Inc. and One Medical leases bring the total to seven leases signed at One Vanderbilt Avenue since the outbreak of COVID-19. One Vanderbilt continues to appeal to tenants seeking a best-in-class, healthy work environment. The building’s award-winning design and unique, tenant-focused amenities set a new standard for today’s workplace.
“We have seen a notable increase in leasing activity over the past several months as our portfolio reaps the benefits of having fully redeveloped, high quality buildings that are conveniently located near Grand Central Terminal,” said Steven Durels, Executive Vice President and Director of Leasing and Real Property at SL Green. “We feel that we were a very well positioned portfolio before the pandemic and now set ourselves apart even further following upgrades in response to COVID-19, creating the safest work environment possible.”
About SL Green
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.
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Source: SL Green Realty Corp.
