Three Leasing Deals Allow Firm to Raise Rents

[IMGCAP(1)]NEW YORK CITY-SL Green Realty Corp. has completed three separate, but linked transactions. The transactions include; Westdeutsche Landesbank buyout, which surrendered the entire 7th floor at 1185 Avenue of the Americas covering 27,508 sf; RSM McGladry’s expansion to 164,771 sf at 1185 Avenue of the Americas; and Regent Business Centers’ new 52,418-sf lease at 750 Third Ave.

[IMGCAP(2)]West LB had eight years of a remaining term at below market rent. The surrender included a buyout fee paid to the landlord. RSM McGladry expanded into the space surrendered by West LB.

Additionally, RSM extended its existing lease term within 1185 Avenue of the Americas by three years and eliminated an existing right to cancel in 2011 resulting in a total commitment of 164,771 sf. The building, located at 1185 Avenue of the Americas, is a 42-story, 1.1-million-sf, class-A tower located between 46th and 47th streets. Steven Durels, EVP and director of leasing and real property for SL Green, tells GlobeSt.com that asking rents at 1185 Avenue of the Americas is $95 per sf, but he was not able to provide taking rents or aggregate lease values.