SL Green Signs 925,000 Square Foot Renewal and Expansion Lease With Bloomberg, L.P. at 919 Third Avenue
Rhea-AI Summary
SL Green Realty Corp. (NYSE: SLG), Manhattan's largest office landlord, has announced a significant 924,876 square foot renewal and expansion lease with Bloomberg, L.P. at 919 Third Avenue. The transaction includes a 749,035-square-foot, 11-year lease extension starting March 1, 2029, and an expansion of 175,841 square feet with a new 15-year lease.
This lease contributes to SL Green's strong leasing momentum in 2024, with 150 Manhattan office leases totaling 2,795,746 square feet signed to date. The company expects to sign more than 3.3 million square feet of Manhattan office leases in 2024 and increase Manhattan same-store office occupancy to 92.5% by December 31, 2024.
919 Third Avenue is a 1.5 million-square-foot, 47-story office tower that recently underwent extensive renovations. The deal was brokered by CBRE teams representing both Bloomberg and SL Green.
Positive
- Signed a large 924,876 square foot renewal and expansion lease with Bloomberg, L.P.
- Expects to sign over 3.3 million square feet of Manhattan office leases in 2024
- Anticipates increasing Manhattan same-store office occupancy to 92.5% by end of 2024
- Strong leasing momentum with 150 Manhattan office leases totaling 2,795,746 square feet signed to date in 2024
- Maintains an office leasing pipeline of approximately 1.1 million square feet
Negative
- None.
News Market Reaction – SLG
On the day this news was published, SLG gained 3.38%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Company Expects Office Leasing to Exceed 3.3 Million Square Feet in 2024
NEW YORK, Oct. 16, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that it has signed a 924,876 square foot renewal and expansion lease with Bloomberg, L.P. at 919 Third Avenue. The transaction includes a 749,035-square-foot, 11-year lease extension commencing March 1, 2029, covering floors 2-18 and 28-33. In addition, Bloomberg will expand its footprint within the building by 175,841 square feet with a new 15-year lease covering a portion of the 34th floor and the entire floors on 35 and 41-44.
The lease reflects SL Green’s strong leasing momentum throughout 2024. To date in 2024, the Company has signed 150 Manhattan office leases totaling 2,795,746 square feet, inclusive of Bloomberg, while maintaining an office leasing pipeline of approximately 1.1 million square feet. Based on 2024 leasing to date and the current pipeline, SL Green expects to sign more than 3.3 million square feet of Manhattan office leases in 2024 and increase Manhattan same-store office occupancy, inclusive of leases signed but not yet commenced, to
“We’re proud to continue our long-standing relationship with Bloomberg, and excited to assist with their on-going New York City expansion,” said Steven Durels, Executive Vice President and Director of Leasing and Real Property at SL Green. “Overall leasing velocity continues to increase as tenants prioritize their preference for well-located, upgraded and amenitized buildings.”
Designed by Skidmore, Owings & Merrill, 919 Third Avenue is a 1.5 million-square-foot, 47-story office tower. An extensive renovation of the building lobby, entrances and elevator cabs was recently completed.
Bloomberg was represented by CBRE’s Howard Fiddle, Chris Mansfield, Zach Weil and Ryan Luck. SL Green was represented by Robert Alexander, Ryan Alexander, Emily Chabrier, Taylor Callahan, Alex D’Amario and Nicole Marshall of CBRE.
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 the value of Manhattan commercial properties. As of September 30, 2024, SL Green held interests in 55 buildings totaling 31.8 million square feet. This included ownership interests in 28.1 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, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. 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 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 Contact
slgreen@berlinrosen.com
SLG-LEAS
FAQ
What is the size of the renewal and expansion lease SLG signed with Bloomberg at 919 Third Avenue?
How many square feet of Manhattan office leases does SLG expect to sign in 2024?
What is SLG's projected Manhattan same-store office occupancy by the end of 2024?
How many Manhattan office leases has SLG signed in 2024 so far?
