SL Green Signs Leases Totaling 343,000 Square Feet to Kick Off 2023

Rhea-AI Summary

SL Green Realty Corp. (NYSE: SLG), New York City’s largest office landlord, announced the signing of leases totaling 343,186 square feet during early 2023. Notable leases include a 15-year agreement with 777 Partners for 18,476 square feet at One Madison Avenue and an 11-year expansion by TD Securities covering 25,171 square feet at 125 Park Avenue. CBS Broadcasting renewed a lease for 186,882 square feet at 555 West 57th Street, and the Greater New York Hospital Association signed a 10-year renewal covering 58,017 square feet. These developments highlight SL Green's strong leasing momentum and growing corporate demand for office space.

Positive

• Signed leases totaling 343,186 square feet in early 2023, indicating strong leasing momentum.
• Increased occupancy at One Madison Avenue to 56.6% ahead of project completion.
• Diverse tenant mix including prominent companies like 777 Partners, TD Securities, CBS Broadcasting, and Greater New York Hospital Association.

Negative

• None.

Full Floor Penthouse Leased at One Madison Avenue

CBS Broadcasting Renews 187,000 Square Feet at 555 West 57^th Street and TD Securities Expands by 25,000 Square Feet at 125 Park Avenue

NEW YORK, Jan. 25, 2023 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), New York City’s largest office landlord, today announced that it has signed leases totaling 343,186 square feet during the early weeks of 2023.

New leases include a 15-year lease with 777 Partners, an alternative investment platform, covering 18,476 square feet on the entire 27^th floor at One Madison Avenue. This follows previously announced new leases with Franklin Templeton, IBM and Chelsea Piers Fitness and increases leased occupancy to 56.6% approximately ten months prior to the anticipated project completion date.

One Madison Avenue will combine the elegance of the existing limestone building together with more than 500,000 square feet of new, virtually column free construction. Health and wellness is paramount to the building design with the inclusion of DOAS HVAC, which circulates 100% fresh outside air. New, oversized floor to ceiling windows in the podium and a continuous curtain wall in the tower will flood the floors with natural daylight. In addition to a 54,000 square foot Chelsea Piers Fitness, amenities will include a 13,000 square foot stylish French steakhouse operated by Michelin starred Chef Daniel Boulud, 11,000 square foot French inspired artisanal marketplace operated by Chef Boulud and 7,000 square foot tenant-exclusive lounge with direct elevator access to an 11,000 square foot rooftop space featuring a spectacular 5,400 square foot event space and lushly landscaped patio.

777 Partners was represented by Peter Sabesan and Gregg Cohen of Cressa. The landlord was represented by Paul Glickman, Alexander Chudnoff, Diana Biasotti and Benjamin Bass of Jones Lang LaSalle.

TD Securities signed an 11-year expansion lease covering 25,171 square feet on the entire 23^rd floor at 125 Park Avenue. This increases TD Securities’ total occupancy within the SL Green portfolio to more than 247,000 square feet. The landlord was represented by Brian Waterman, David Falk, Peter Shimkin and Daniel Levine of Newmark.

CBS Broadcasting signed a 5-year renewal lease covering 186,882 square feet at 555 West 57^th Street. CBS was represented by Scott Gottlieb, Andrew Sussman and Rocco Laginestra with CBRE.

Additionally, Greater New York Hospital Association signed a 10-year renewal lease covering 58,017 square feet at 555 West 57^th Street. The tenant was represented by Josh Kuriloff and Drew Baber of Cushman & Wakefield.

“We’re excited to welcome 777 Partners to One Madison Avenue, expand our relationship with TD Securities and continue our long-term relationships with CBS Broadcasting and Greater New York Hospital,” said Steven Durels, Executive Vice President and Director of Leasing and Real Property at SL Green. “These transactions create significant leasing momentum as we start the new year and reaffirm the growing corporate sentiment that there is no substitute for the importance of in-office occupancy to support employee collaboration and company culture.”

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 December 31, 2022, SL Green held interests in 61 buildings totaling 33.1 million square feet. This included ownership interests in 28.9 million square feet of Manhattan buildings and 3.4 million square feet securing debt and preferred equity investments.

SLG – LEAS

PRESS CONTACT
slgreen@berlinrosen.com

FAQ

What leases were signed by SLG in early 2023?

SL Green signed leases totaling 343,186 square feet, including a 15-year lease with 777 Partners and an 11-year expansion by TD Securities.

How much space did CBS Broadcasting renew with SL Green?

CBS Broadcasting renewed its lease for 186,882 square feet at 555 West 57th Street.

What is the current occupancy rate for One Madison Avenue?

The leased occupancy rate for One Madison Avenue has reached 56.6%, nearly ten months before project completion.

Who are the major tenants in SL Green's portfolio as of January 2023?

Major tenants include 777 Partners, TD Securities, CBS Broadcasting, and Greater New York Hospital Association.