Steven Durels, EVP and director of leasing and real property for SL Green, tells GlobeSt.com that the locally based company continues to experience good tenant demand for space in Manhattan. "Rates have remained strong primarily due to limited direct space availability," he says. "However net effective rates have softened as landlords become a bit more cautious as a result of concern about the overall economy."
[IMGCAP(2)]News America operates all business activities for News Corp. within the US. David Levinson and David Berkey of L & L Holding Co. LLC acted on behalf of the tenant in the transaction, while SL Green was represented in-house by Howard Tenenbaum, EVP, and Gary Rosen, managing director.
Although SL Green sources could not reveal taking rent or aggregate lease value, they did tell GlobeSt.com that asking rent at the property is $95 per sf. "We're delighted to welcome such a prestigious company as News America to 1185," Durels says. "They join other highly recognizable building tenants such as Hess Corp., Bank of America, King & Spalding and the National Hockey League."
The 42-story tower with almost 1.1 million sf is located on Sixth Avenue between West 46th and 47th streets. The building has recently completed a capital program, which includes new lobby and new elevator cabs, and the addition of lighting to dramatically illuminate the building facade.
As of March 31, 2008, SL Green owned 31 New York City office properties totaling approximately 24.4 million sf. In addition, SL Green holds investment interests in, among other things, nine retail properties encompassing approximately 400,212 sf; one development property encompassing approximately 85,000 sf and two land interests; along with ownership interests in 36 suburban assets totaling 7.9 million sf in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
