SL Green Signs 77,000 Square Foot Lease with Stonepeak Partners at 245 Park Avenue

Rhea-AI Summary

SL Green Realty Corp. (NYSE: SLG) announces a new 76,716 square foot, 15-year lease with Stonepeak Partners, L.P. at 245 Park Avenue. In 2023, SL Green has signed leases totaling 199,872 square feet in the building. The building is undergoing a transformative redevelopment, including a jewel-like terra cotta overclad of the Park Avenue façade, new windows, new lobby and elevator cabs, a spectacular plaza, a 17,000 square foot wellness center, new dining options, and a rooftop restaurant with a beautifully landscaped roof patio.

Positive

• SL Green has successfully signed significant leases in 2023, showcasing strong demand for office space in Manhattan's premier submarket.
• The transformative redevelopment of 245 Park Avenue is expected to enhance the building's appeal and value, attracting world-class companies as tenants.

Negative

• None.

NEW YORK, Dec. 04, 2023 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that Stonepeak Partners, L.P., a leading international alternative investment firm, has signed a new 76,716 square foot, 15-year lease covering the entire 31^st and 32^nd floors at 245 Park Avenue. To date in 2023, SL Green has signed leases totaling 199,872 square feet in the building.

“We’re delighted to welcome Stonepeak Partners to 245 Park Avenue as we commence a transformative redevelopment of the building,” said Steven Durels, SL Green’s Executive Vice President, Director of Leasing and Real Property. “Park Avenue continues to be the premier Manhattan submarket as world class companies increasingly focus on midtown as their preferred office location.”

245 Park Avenue is a 1.8 million-square-foot, Class A office building located directly across from JP Morgan Chase’s new world headquarters. SL Green has retained Kohn Pederson Fox to lead a redevelopment design which includes the installation of a jewel-like terra cotta overclad of the Park Avenue façade, new windows, new lobby and elevator cabs, spectacular plaza featuring colonnades of columnar trees, a cutting-edge 17,000 square foot wellness center with newly imagined golf lounge and grab-n-go, new 10,000 square foot, plaza level fine dining restaurant and new rooftop restaurant with beautifully landscaped roof patio.

Stonepeak Partners, L.P. was represented by Silvio Petriello, Ben Friedland and Tamika Kramer of CBRE, and the landlord was represented by Patrick Murphy, Bruce Mosler, Tara Stacom, Harry Blair, Ron LoRusso, Justin Royce and Will Yeatman of Cushman & Wakefield.

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.

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.

SLG – LEAS

PRESS CONTACT
slgreen@berlinrosen.com

FAQ

What is the latest lease announcement from SL Green Realty Corp. (NYSE: SLG)?

SL Green Realty Corp. (NYSE: SLG) has announced a new 76,716 square foot, 15-year lease with Stonepeak Partners, L.P. at 245 Park Avenue.

How much space has SL Green signed leases for in 2023 at 245 Park Avenue?

In 2023, SL Green has signed leases totaling 199,872 square feet in the building.

What redevelopment plans are in place for 245 Park Avenue?

The redevelopment plans include a jewel-like terra cotta overclad of the Park Avenue façade, new windows, new lobby and elevator cabs, a spectacular plaza, a 17,000 square foot wellness center, new dining options, and a rooftop restaurant with a beautifully landscaped roof patio.