The 12-year lease for 54,472 sf brings the company's total occupancy at the 42-story, 1.1-million-sf, class-A tower located between 46th and 47th streets, to 138,284 sf. Steven Durels, SL Green executive vice president and director of leasing and real property, tells GlobeSt.com that the prior tenant was Coopers & Dunham, whose lease was bought out in order to accommodate News America's expansion. Although he did not disclose taking rent or aggregate lease value, he notes that asking rent was $90 per sf.
[IMGCAP(2)]The building is 100% leased, and Durels tells GlobeSt.com that there are no scheduled lease expirations through 2009. He did not comment on further lease terms.
As GlobeSt.com previously reported, News America joined the building in April of this year when it signed a 12-year, 83,822-sf lease to occupy floors 25-27. At the time, Durels told GlobeSt.com that rates have remained strong at the building primarily due to limited direct space availability.
The tenant was represented by David Levinson and David Berkey of L&L Holding Co. SL Green was represented in-house by Howard Tenenbaum and Gary Rosen.
In a prepared statement, Durels says that "despite uncertainty about the New York office market, we continue to experience tenant demand for well-located, quality buildings that provide attractive rental value. Additionally, these transactions continue to unlock the rent growth embedded in our portfolio."
In other SL Green leasing news, in its suburban portfolio, Merrill Lynch extended its 30,500-sf lease at 360 Hamilton, a 14-story, 384,000-sf class A office building in White Plains, for another 10 years, beginning in January 2010. The building is 100% occupied. Merrill Lynch was represented by Paul Kauffman of Cushman & Wakefield, while SL Green was represented in-house by John Barnes and Clark Briffel.
As of Sept. 30, 2008, SL Green owned 30 New York City office properties totaling approximately 23.72 million sf. In addition, the firm held investment interests in, among other things, eight retail properties encompassing approximately 400,212 sf, two development properties encompassing approximately 363,000 sf and two land interests, along with ownership interests in 36 suburban assets totaling 7.87 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 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.
