In October, SL Green expanded its Midtown presence by purchasing a 100% leasehold interest in the former Revlon building for $231.5 million, or approximately $415 per sf. The ground lease expires June 30, 2054. At that time the building was only 68% leased due to the departure of Revlon in late 2003, which left 172,000 sf vacant when the cosmetics giant inked a deal for 151,484 sf at 237 Park Ave.

Polo Ralph Lauren will occupy approximately one third of the property for its corporate offices and as a Midtown-area hub. The company signed a 15-year deal. Related Capital's 10-year lease consists of a 43,000-sf renewal and a 44,000-sf relocation and renewal. Related, which is a subsidiary of CharterMac will continue to occupy two floors.

"We recognized a significant opportunity during the acquisition of 625 Madison to create value by capitalizing on changing market conditions driven by a shortage of large, contiguous blocks of premium office space in Midtown Manhattan," says Marc Holliday, president and CEO of SL Green, noting that leasing objectives for the property were nearly completed within four months of the acquisition.