SL Green Signs 925,000 Square Foot Renewal and Expansion Lease With Bloomberg, L.P. at 919 Third Avenue
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.
SL Green Realty Corp. (NYSE: SLG), il più grande locatore di uffici di Manhattan, ha annunciato un importante contratto di rinnovo ed espansione di 924.876 piedi quadrati con Bloomberg, L.P. presso 919 Third Avenue. L'operazione include un prolungamento del contratto di 749.035 piedi quadrati della durata di 11 anni che inizia il 1° marzo 2029, e un'espansione di 175.841 piedi quadrati con un nuovo contratto di affitto di 15 anni.
Questo contratto contribuisce al forte slancio di affitti di SL Green nel 2024, con 150 contratti di affitto per uffici a Manhattan che totalizzano 2.795.746 piedi quadrati firmati fino ad oggi. L'azienda prevede di firmare più di 3,3 milioni di piedi quadrati di contratti di affitto per uffici a Manhattan nel 2024 e di aumentare l'occupazione degli uffici a Manhattan a 92,5% entro il 31 dicembre 2024.
919 Third Avenue è una torre per uffici di 1,5 milioni di piedi quadrati e 47 piani che ha recentemente subito ampie ristrutturazioni. L'affare è stato mediato dai team di CBRE che hanno rappresentato sia Bloomberg che SL Green.
SL Green Realty Corp. (NYSE: SLG), el mayor arrendador de oficinas de Manhattan, ha anunciado un importante contrato de renovación y expansión de 924,876 pies cuadrados con Bloomberg, L.P. en 919 Third Avenue. La transacción incluye una prórroga de arrendamiento de 749,035 pies cuadrados por 11 años que comienza el 1 de marzo de 2029, y una expansión de 175,841 pies cuadrados con un nuevo contrato de 15 años.
Este contrato contribuye al fuerte impulso de arrendamientos de SL Green en 2024, con 150 arrendamientos de oficinas en Manhattan que totalizan 2,795,746 pies cuadrados firmados hasta la fecha. La compañía espera firmar más de 3.3 millones de pies cuadrados de contratos de arrendamiento de oficinas en Manhattan en 2024 y aumentar la ocupación de oficinas en Manhattan al 92.5% para el 31 de diciembre de 2024.
919 Third Avenue es una torre de oficinas de 1.5 millones de pies cuadrados y 47 pisos que recientemente ha sido sometida a amplias renovaciones. El acuerdo fue mediado por los equipos de CBRE que representan tanto a Bloomberg como a SL Green.
SL Green Realty Corp. (NYSE: SLG)는 맨하탄에서 가장 큰 사무실 임대 기업으로서, 블룸버그 L.P.와 919 Third Avenue에서 924,876 평방피트의 갱신 및 확장 임대 계약을 체결했다고 발표했습니다. 이번 거래에는 749,035 평방피트, 11년 임대 연장이 포함되어 있으며, 2029년 3월 1일부터 시작됩니다. 또한 175,841 평방피트의 확장과 새로운 15년 임대 계약도 포함되어 있습니다.
이번 임대는 2024년 SL Green의 강력한 임대 모멘텀에 기여하며, 현재까지 150개의 맨해튼 사무실 임대 계약이 총 2,795,746 평방피트에 서명했습니다. 회사는 2024년에는 330만 평방피트 이상의 맨해튼 사무실 임대를 체결하고, 2024년 12월 31일까지 맨해튼의 동일 건물 사무실 점유율을 92.5%로 끌어올릴 것으로 기대하고 있습니다.
919 Third Avenue는 최근 대규모 리모델링을 거친 150만 평방피트, 47층의 사무실 타워입니다. 이 거래는 블룸버그와 SL Green을 대표하는 CBRE 팀에 의해 중개되었습니다.
SL Green Realty Corp. (NYSE: SLG), le plus grand propriétaire de bureaux de Manhattan, a annoncé un important bail de renouvellement et d'expansion de 924 876 pieds carrés avec Bloomberg, L.P. au 919 Third Avenue. La transaction comprend une prolongation de bail de 749 035 pieds carrés sur 11 ans commençant le 1er mars 2029, et une expansion de 175 841 pieds carrés avec un nouveau bail de 15 ans.
Ce bail contribue à la forte dynamique de location de SL Green en 2024, avec 150 baux de bureaux à Manhattan totalisant 2 795 746 pieds carrés signés à ce jour. L'entreprise s'attend à signer plus de 3,3 millions de pieds carrés de baux de bureaux à Manhattan en 2024 et à augmenter le taux d'occupation des bureaux à Manhattan à 92,5 % d'ici le 31 décembre 2024.
La 919 Third Avenue est une tour de bureaux de 1,5 million de pieds carrés et 47 étages qui a récemment subi d'importantes rénovations. L'accord a été négocié par les équipes de CBRE représentant à la fois Bloomberg et SL Green.
SL Green Realty Corp. (NYSE: SLG), der größte Büromieter Manhattans, hat einen bedeutenden Vertrag über 924.876 Quadratfuß zur Erneuerung und Erweiterung mit Bloomberg, L.P. in der 919 Third Avenue bekannt gegeben. Die Transaktion umfasst eine Verlängerung eines Mietvertrags über 749.035 Quadratfuß für 11 Jahre, die am 1. März 2029 beginnt, sowie eine Erweiterung um 175.841 Quadratfuß mit einem neuen 15-Jahres-Mietvertrag.
Dieser Mietvertrag trägt zum starken Vermietungsimpuls von SL Green im Jahr 2024 bei, mit bisher 150 Mietverträgen für Büros in Manhattan, die insgesamt 2.795.746 Quadratfuß betragen. Das Unternehmen erwartet, dass es im Jahr 2024 mehr als 3,3 Millionen Quadratfuß an Büroflächen in Manhattan anmieten wird und die Büroauslastung in Manhattan bis zum 31. Dezember 2024 auf 92,5% erhöhen kann.
Die 919 Third Avenue ist ein 1,5 Millionen Quadratfuß großes, 47-stöckiges Bürogebäude, das kürzlich umfangreichen Renovierungen unterzogen wurde. Der Deal wurde von den CBRE-Teams vermittelt, die sowohl Bloomberg als auch SL Green vertreten.
- 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
- None.
Insights
This lease renewal and expansion with Bloomberg is a significant win for SL Green, demonstrating strong demand for premium office space in Manhattan. The 924,876 square foot deal, including a 749,035 square foot renewal and 175,841 square foot expansion, solidifies Bloomberg's long-term commitment to the building.
SL Green's projection of exceeding 3.3 million square feet in office leasing for 2024 is impressive, especially considering current market challenges. The expected increase in Manhattan same-store office occupancy to
The recent renovations at 919 Third Avenue likely played a role in securing this deal, underscoring the importance of property upgrades in attracting and retaining high-quality tenants. This transaction reinforces SL Green's position as Manhattan's largest office landlord and bodes well for their future performance in the competitive New York City office market.
This lease agreement represents a significant positive for SL Green's financial outlook. The long-term nature of the deal - an 11-year extension and a 15-year expansion - provides stable, predictable cash flow for the company. While specific financial terms weren't disclosed, a lease of this magnitude typically involves substantial rental income.
SL Green's strong leasing performance in 2024, with 2,795,746 square feet signed to date and a pipeline of 1.1 million square feet, indicates robust demand for their properties. This should translate into improved occupancy rates and potentially higher rental rates, positively impacting revenue and NOI.
The expected increase in Manhattan same-store office occupancy to
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
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