SL Green Inks 142,000 Square Feet Of New Leases Within 30 Days
New York, NY – November 16, 2010 – (RealEstateRama) — SL Green Realty Corp. (NYSE: SLG) announced today that leases covering 141,887 square feet with new or expanding tenants have been signed within the past 30 days.
The United Nations Development Programme signed a 10-year, 42,931-square-foot lease covering the entire 20th, 21st, and 23rd floors of 220 East 42nd Street, aka The News Building. Lockton Companies, the world’s largest privately-held insurance brokerage firm headquartered in Kansas City, Missouri, signed a 15+-year lease covering 21,843 square feet on part of the 20th floor of 1185 Avenue Americas. Delcath Systems, Inc., a development stage specialty pharmaceutical and medical device company focused on oncology, doubled in size at 810 Seventh Avenue upon signing a 17,320-square-foot lease covering the entire 35th floor. Additionally, a new lease with Godiva Chocolatier covering 42,290 square feet and an expansion by the MTA covering 17,503 square feet at 333 W. 34th Street raises occupancy to 100% within the office portion of this newly redeveloped building.
“As 2010 nears an end, we believe that leasing velocity is continuing to accelerate,” said Steven Durels, Executive Vice President, Director of Leasing and Real Property, SL Green Realty Corp, “as we continue to see tenants relocate to better quality space and expand office occupancy as their businesses improve.”
Andy Roos of Colliers International acted on behalf of the United Nations Development Programme, while Larry Swiger acted in-house for SL Green.
Don Preate and Jaime Katcher of Cushman & Wakefield represented Lockton, while Howard J. Tenenbaum and Gary M. Rosen acted in-house on behalf of SL Green.
Jonathan Schindler and Aron Schreier of Cassidy Turley represented Delcath, and Christopher Gulden acted in-house for SL Green.
Cushman & Wakefield’s Josh Kuriloff, Rob Lowe and Maureen Kelly represented the MTA in its transaction while Howard Grufferman and Joel Wechsler of Grubb & Ellis, Inc. acted on behalf of Godiva. Cushman and Wakefield’s Tara Stacom, Paul Glickman, Mitti Lieberson, Alexander Chudnoff and Diana Biasotti represented SL Green in both transactions.
About SL Green Realty Corp.
SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. The Company is the only publicly held REIT that specializes in this niche. As of September 30, 2010, the Company owned interests in 30 New York City office properties totaling approximately 22,324,460 square feet, making it New York’s largest office landlord. In addition, at September 30, 2010, SL Green held investment interests in, among other things, eight retail properties encompassing approximately 366,312 square feet, three development properties encompassing approximately 399,800 square feet and two land interests, along with ownership interests in 31 suburban assets totaling 6,804,700 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.
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 Manhattan, Brooklyn, Queens, Westchester County, Connecticut, Long Island and New Jersey office 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 materially differ, 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 which 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. These risks and uncertainties include the effect of the credit crisis on general economic, business and financial conditions, and on the New York Metro real estate market in particular; dependence upon certain geographic markets; risks of real estate acquisitions, dispositions and developments, including the cost of construction delays and cost overruns; risks relating to structured finance investments; availability and creditworthiness of prospective tenants and borrowers; bankruptcy or insolvency of a major tenant or a significant number of smaller tenants; adverse changes in the real estate markets, including reduced demand for office space, increasing vacancy, and increasing availability of sublease space; availability of capital (debt and equity); unanticipated increases in financing and other costs, including a rise in interest rates; our ability to comply with financial covenants in our debt instruments; our ability to maintain our status as a REIT; risks of investing through joint venture structures, including the fulfillment by our partners of their financial obligations; the continuing threat of terrorist attacks, in particular in the New York Metro area and on our tenants; our ability to obtain adequate insurance coverage at a reasonable cost and the potential for losses in excess of our insurance coverage, including as a result of environmental contamination; and legislative, regulatory and/or safety requirements adversely affecting REITs and the real estate business, including costs of compliance with the Americans with Disabilities Act, the Fair Housing Act and other similar laws and regulations.
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CONTACT
Steven Durels, Exec VP,
Director of Leasing and Real Property
SL Green Realty Corp.
(212) 216-1617
