SL Green Completes $25M Office Redo

[IMGCAP(1)]NEW YORK CITY-SL Green Realty Corp. has completed its $25 million capital improvement program at 521 Fifth Ave., a 39-story office tower containing 462,853 rentable sf. Located on Fifth Avenue at 43rd Street, the building is the most recent example of SL Green’s ongoing strategic repositioning efforts aimed at delivering greater value from its properties, particularly in the Grand Central Terminal submarket, the company explains. Steven Durels, director of leasing and real property at SL Green tells GlobeSt.com that asking price today is $72 per sf, versus $45 per sf prior to the repositioning.

[IMGCAP(2)]The redevelopment of 521 Fifth Ave. is most visible by the restored facade of Deer Island granite and new glass and stainless steel storefront. Inside, SL Green has redesigned the lobby with marble, tiger wood paneling and stainless steel accents, and new prominent entrance. The building also features new stone clad elevator cabs, upgraded security systems, new corridors and bathrooms, new windows and enhanced building infrastructure.

[IMGCAP(3)]Since the third quarter of 2006 when SL Green began its capital improvement program at 521 Fifth Ave., the building has signed 125,000 sf of office leases with existing tenants seeking to lock in value and new tenants–both attracted by the building’s repositioned appeal and location, according to SL Green. Occupancy levels have remained high at 97%.