Steven Durels, EVP and director of leasing and real property for SL Green, tells GlobeSt.com that the asking rent at the 20-story class A tower is $65 per sf. Durels could not comment on taking or aggregate rent at this time.
"We are pleased that Chicago Title has elected to remain with us for the long-term," Durels says, noting that the firm has been in the building for 10 years. He notes that occupancy at the 550,000-sf tower is currently 93%. Other tenants in the building include Omnicom, Newport News, and Ricoh Corp.
Durels adds that SL Green is in the throes of a $7 million capital improvement program at the building that includes lobby and elevator cab renovations, plus restoration of the famous Hans Hofmann mosaic mural which surrounds the elevator banks. Durels previously told GlobeSt.com that a well thought-out capital plan and rebranding of many of its building are part of our overall repositioning effort. He explained that although there is always an interruption to existing building tenants, the projects will have nominal disruption since the majority of the work is well outside existing tenant spaces. He says that the capital program at 711 Third Ave. will be completed in December 2008.
Durels explains that this is the third significant lease renewal this year at 711 Third Ave. The other two were Crain Communications Inc. for 98,618 sf and Parade Publications Inc. for 89,413 sf."
As of March 31, 2008, SL Green owned 31 New York City office properties totaling approximately 24.4 million sf. In addition, the firm 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 nearly 7.9 million sf in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, 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.
