SL Green Signs Leases Totaling Over 452,000 Square Feet During the First Two Months of 2022

Rhea-AI Summary

SL Green Realty Corp. (NYSE:SLG), Manhattan's largest office landlord, announced the signing of 26 leases totaling 452,433 square feet in the first two months of 2022. Notable agreements include a 10-year headquarters lease of 236,026 square feet by a global information services company at 100 Park Avenue and a renewal of 85,522 square feet by UN Women at 220 East 42nd Street. The leasing momentum is attributed to strong tenant demand for well-amenitized buildings, with occupancy at One Vanderbilt Avenue reaching 96.4%.

Positive

• Signed 26 leases totaling 452,433 square feet in first two months of 2022.
• Secured a 10-year lease of 236,026 square feet by a global information services company.
• Renewed 10-year lease of 85,522 square feet by UN Women.
• Increased occupancy at One Vanderbilt Avenue to 96.4%.

Negative

• None.

NEW YORK, March 07, 2022 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, today announced that it has signed 26 leases totaling 452,433 square feet during just the first two months of 2022.

Notable leases include:

• A global information services company signed a new 10-year, 236,026 square foot headquarters lease covering floors 9-14 at 100 Park Avenue. Robert Lowe, Gary Ceder, Nicholas Dysenchuk and Jon Herman of Cushman & Wakefield represented the tenant.
  
  
• UN Women, a UN organization delivering programs, policies and standards that uphold women’s human rights, signed a 10-year, 85,522 square foot renewal lease covering floors 17-20 at 220 East 42^nd Street, also known as the News Building. Jodi Pulice and Greg Smith of JRT Realty together with Chris Helgesen of Cushman & Wakefield represented UN Women. Tara Stacom, Harry Blair, Barry Zeller, Justin Royce, and Anthony LoPresti of Cushman & Wakefield represented the landlord for this lease and the lease at 100 Park Avenue.
  
  
• Two new leases were signed at 885 Third Avenue, also known as the Lipstick Building:
  
  
  • EC Mergers & Acquisitions, an independent, globally active, investment banking firm specializing in mergers, acquisitions, company sales and corporate divestitures, signed a 10-year, 13,884 square foot lease covering the entire 34^th floor. Joseph Grotto of Cushman & Wakefield represented EuroConsult.
    
    
  • Aurora Health Network, LLC, a premier healthcare-focused investment firm managing high-performing facilities throughout the U.S., signed a 7-year, 13,884 square foot lease covering the entire 29^th floor. John Cilmi and Harry Singer of Newmark represented the tenant. Brian Waterman, Scott Klau, Eric Harris, Cole Gendels and Zach Weil of Newmark represented the landlord on both transactions.
    
    
• Two new leases covering 16,395 square feet were signed at One Vanderbilt Avenue, which increases leased occupancy at the property to 96.4%:
  

“We’re excited to welcome these new tenants to the SL Green portfolio and extend our long-term relationship with UN Women,” said Steven Durels, Executive Vice President and Director of Leasing and Real Property at SL Green. “Leasing momentum has maintained a healthy pace coming off a robust fourth quarter with tenant demand focused on buildings that have been ungraded, amenitized and are located near mass transit.”

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, 2021, SL Green held interests in 73 buildings totaling 34.9 million square feet. This included ownership interests in 26.9 million square feet of Manhattan buildings and 7.1 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

PRESS CONTACT
slgreen@berlinrosen.com 

FAQ

What leases did SL Green Realty Corp. sign in 2022?

SL Green signed 26 leases totaling 452,433 square feet in the first two months of 2022.

Which notable companies signed leases with SL Green Realty Corp.?

Notable tenants include a global information services company and UN Women.

What is the current occupancy rate at One Vanderbilt Avenue for SL Green?

The occupancy rate at One Vanderbilt Avenue has reached 96.4%.

How does SL Green Realty Corp. respond to tenant demand?

SL Green has observed strong tenant demand focused on upgraded, amenitized buildings near mass transit.