In a relase, Steven Durels, EVP and director of leasing and real property for building owner SL Green Realty Corp., says the transaction "is further validation of the successful redevelopment of the building." Durels tells GlobeSt.com that Wells Fargo Trade Capital wanted a more efficient space. "They were coming out of a building they'd been in for a number of years, on multiple floors with smaller floorplates," he says. "They've grown during that time; in fact, they had record earnings over the past couple of years. They wanted to maximize their space."
To that end, the new tenant's build-out will aim for efficient use of space. "They were very conscientious about not overspending for their space," Durels says. "Hence, their taking a lease on a low floor--they were not about being at the top of the building." Nonetheless, the Wells Fargo subsidiary was attracted to the higher profile at 100 Park, as well as its pending LEED Silver certification.
James Travers and James Fish of Travers Realty, together with Keith Caggiano of CB Richard Ellis, represented Wells Fargo Trade Capital, while a Cushman & Wakefield team including Paul Glickman, Tara Stacom, Alex Chudoff, Mitti Liebersohn, Diana Biasotti, Jonathan Tootell and Andrew Ackerman acted on behalf of SL Green.
The Wells Fargo subsidiary, which provides supply-chain financing solutions for clients serving the US retail and consumer marketplace, joins a 100 Park tenant roster that includes BDO Seidman. The latter took 121,441 square feet last August as the $72-million capital improvement project was nearing completion. The project recently picked up a BOMA award as "Best Renovated Building."
Including the new Wells Fargo space, building owner SL Green Realty has completed nearly 100,000 square feet in leases across its portfolio this month. Other deals have included 16,000 square feet taken by developer Cappelli Enterprises at 115 Stevens Ave., Valhalla, NY; 15,254 square feet by SciMed, LLC at 420 Lexington Ave.; and 11,016 square feet by the City of New York at 16 Court St., Brooklyn.
Additionally, landscape architect Michael Van Valkenburg Associates signed up for 12,000 square feet at 16 Court in a deal that closed at the end of December 2008. Durels says the lease fits in with SL Green's efforts to reposition the landmark office tower, which has primarily housed government offices and law firms.
SL Green also released its fourth-quarter results this week. The REIT reported Q4 revenues and EBITDA of $276.1 million and $141.3 million, respectively, an increase of $23.1 million, or 9.1%, and a decrease of $4.9 million, or 3.4%, respectively, compared to the same period in 2007.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.
Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
