SL Green Signs 11,777 Square Foot Retail Lease at 110 Greene Street in SoHo

Rhea-AI Summary

SL Green Realty Corp. (NYSE: SLG) has signed a 15-year lease with British jeweler Vashi for an 11,777 square foot retail space at 110 Greene Street in SoHo, marking Vashi's first U.S. location. This lease represents one of SL Green's most significant retail signings in 2021, indicating a positive outlook on New York City's recovery post-pandemic. The space offers high visibility on prominent retail streets and contributes to SL Green's extensive portfolio, which includes interests in 84 buildings totaling 37.8 million square feet as of March 31, 2021.

Positive

• Signing of a 15-year lease with Vashi indicates confidence in retail demand in New York City.
• Expands SL Green's portfolio with a high-profile retail tenant, improving brand visibility.
• The lease aligns with the recovery trend as businesses return to New York City.

Negative

• None.

British jeweler, Vashi, to open first US location

NEW YORK, April 21, 2021 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that Vashi, a British fine jewelry brand, has signed an 11,777 square foot, 15-year lease at 110 Greene Street in SoHo. This will be Vashi’s first location in the United States and marks one of SL Green’s most significant retail lease signings of 2021.

“We’re excited to welcome Vashi, an innovative experiential luxury retailer, to New York City and into the SL Green portfolio,” said Brett Herschenfeld, Managing Director of Retail at SL Green. “Our recent retail leases are a positive marker that business owners are increasingly bullish on New York City’s reopening and the surge of returning residents, office workers and tourists spearheading our revival.”

110 Greene Street, a 223,600 square foot mixed-use building located in the heart of SoHo, provides office and residential tenants unparalleled views, along with large floor plates and substantial common areas. The retail space at the building, along Greene and Mercer Streets, offers tenants high visibility on two of the strongest retail streets in Manhattan.

Joseph Hudson of CBRE represented Vashi in the transaction, while SL Green was represented in-house.

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 March 31, 2021, SL Green held interests in 84 buildings totaling 37.8 million square feet. This included ownership interests in 28.3 million square feet of Manhattan buildings and 8.7 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 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 risks and uncertainties related to the on-going COVID-19 pandemic and the duration and impact it will have on our business and the industry as a whole and the other 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.

SLG - LEAS

Matt DiLiberto
Chief Financial Officer
212.594.2700

 

FAQ

What is the significance of SL Green's new lease with Vashi?

The lease represents a significant retail signing for SL Green and showcases the recovery of New York's retail market post-pandemic.

Where will Vashi open its first U.S. store?

Vashi will open its first U.S. location at 110 Greene Street in SoHo, New York.

How large is the space leased by Vashi from SL Green?

Vashi has signed a lease for 11,777 square feet.

What does SL Green's portfolio include as of March 31, 2021?

SL Green holds interests in 84 buildings totaling 37.8 million square feet, including significant holdings in Manhattan.

What is the duration of the lease signed by Vashi?

The lease signed by Vashi is for a duration of 15 years.