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SL Green's Park Avenue Redevelopment Under Way

NEW YORK CITY-The $72-million redevelopment will transform 100 Park Ave. into a class A building with one third vacancy come 2008.

By Natalie Dolce | Updated on July 11, 2007

NEW YORK CITY-SL Green Realty Corp. and Prudential Real Estate Investors, owners of 100 Park Ave., are currently in the concluding phase of their $72-million redevelopment program. The redevelopment will transform the property from a class B, white brick office building, into a class A property.

The redevelopment will include a new glass and metal facade, a two-story high lobby featuring glass and stone walls with marble floors, new elevator cabs, infrastructure upgrade and state-of-the-art security, including electronic access, surveillance and 24-hour security guards. The redevelopment is expected to be completed by the end of this year.

Located one block south of Grand Central Terminal between 40th and 41st streets, the 36-story building, which contains 825,000 rentable sf, is expected to be one third vacant first quarter 2008, noted Steven Durels, EVP and director of leasing and real property at SL Green, during the company’s presentation and private tour of the building Wednesday morning.

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