Steven Durels, director of leasing and real property at SL Green Realty Corp., the locally based firm that owns the building, tells GlobeSt.com that asking rent at the property is $70 per sf, but he could not provide further lease terms. He explains that TIAA-CREF is vacating the space "in connection with a long planned consolidation."
The firm will now occupy a total of 106,904 sf at the 34-story building known as Grand Central Square, which is 100% leased. The tenant was represented in the transaction by Harry Krausman of Colliers ABR, while owner, SL Green Realty Corp., was represented in-house by David Turino.
Also at 750 Third Ave., the Republic of Poland signed a new 15-year lease covering 17,890 sf. Poland's Permanent Mission to the UN is being relocated to the recently-renovated property, where it will occupy the entire 30th floor and part of the 29th floor, which was previously scheduled to become vacant in 2009.
Ronald Shakerdge of Republic Realty Services Inc. acted on behalf of the Mission, while SL Green was represented in-house by Turino. Durels tells GlobeSt.com that the Republic of Poland was attracted to the building "because of its convenient proximity to the UN." According to SL Green's website, major tenants include Fairchild Publications, North Fork Bank, and Schonbraun McCann LLP.
According to SL Green's Q3 operating and leasing activity numbers, the company reported revenues and EBITDA of $268.7 million and $154 million, respectively, increases of $23.4 million, or 9.6%, and $14.1 million, or 10.1%, respectively, compared to the same period in 2007. During the quarter, according to a prepared statement, the company had strong leasing activity at 100 Park Ave., 461 Fifth Ave., 711 Third Ave., 420 Lexington Ave., 750 Third Ave. and 750 Washington Blvd. Average starting Manhattan office rents of $66.78 per rentable sf for the third quarter represented a 55% increase over the previously fully escalated rents.
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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.
