BDO Seidman, a financial consulting and accounting firm, with 37 offices nationwide and a global network comprised of more than 626 international member firms, anchors the repositioning of the building, explains Steven Durels, executive vice president and director of leasing and real property for SL Green. The 825,815-sf tower is nearing completion of an extensive $72 million capital improvement program.
As GlobeSt.com reported, the redevelopment of the property, which is transformed from a class B, white brick office building, into a class A property, included a new soaring two-story atrium lobby, complete recladding of the facade featuring a glass curtain wall along Park Avenue, 2,000 new insulated windows, new elevator cabs and extensive infrastructure upgrades. Additionally, 100 Park Ave. is on schedule to be one of the first existing commercial buildings to receive a silver LEED designation in Manhattan.
"With a starting rent that is 82% above the previously escalated rent, this lease re-affirms continuing strong growth embedded in SL Green's portfolio of Manhattan office properties," says Gregory Hughes, CFO for SL Green, who also noted that the transaction included a short-term takeover of BDO's existing lease. An SL Green spokesperson tells GlobeSt.com that asking rent is $82 per sf, but they could not disclose taking rent or aggregate lease value of the lease.
BDO offices are currently located at 330 Madison Ave., the spokesperson says. When BDO Seidman takes occupancy in January 2009, it will join other firms located at 100 Park Ave. such as J&W Seligman & Co., Impala Asset Management, Sun Capital Advisors and Kreindler & Kreindler LLP. BDO Seidman did not return GlobeSt.com queries by deadline.
Howard Ecker of Howard Ecker & Co. represented BDO Seidman in the transaction, while Cushman & Wakefield's Paul Glickman, Tara Stacom, Mitti Liebersohn, Alexander Chudnoff, Diana Biasotti, and Jonathan Tootell acted on SL Green's behalf.
This transaction brings year-to-date leasing to more than one million sf throughout SL Green's Manhattan portfolio. "We continue to unlock value and complete a large volume of leasing transactions despite a difficult economic climate," Durels says in a prepared statement. SL Green is also currently underway with other redevelopment programs at three of its New York City buildings, namely 711 Third Ave., 810 Seventh Ave. and 16 Court St. in Brooklyn.
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.
