NEW YORK CITY-SL Green Realty Corp. has signed its first tenant at 100 Church St. since taking possession of the property earlier this year. The Farber Center for Radiation Oncology has signed a new 20-year, 21,965-square-foot retail lease that covers the ground, mezzanine and part cellar floors of the 1.1-million-square-foot Lower Manhattan property.
A spokeswoman for SL Green tells GlobeSt.com that the lease for the Farber Center’s first Manhattan location is also the first deal signed under 100 Church’s new ownership. The facility will cater to walk-in cancer patients, many of whom can return to work immediately following treatment.
Steven Durels, EVP and director of leasing for real property at SL Green, says in a release that his company is “delighted” to welcome the Farber Center to 100 Church and that the new tenant will construct “a state-of-the-art facility” there. Cushman & Wakefield’s Matthew Siegel and Joanne Podell procured the tenant, while a Robert K. Futterman & Associates team of Ariel Schuster, Michael Worthman and Ross Berkowitz represented SL Green.
SL Green and Gramercy Capital originally shared 50/50 ownership of 100 Church after placing a winning $10,000 bid in a foreclosure auction this past January. However, Gramercy later transferred its interest in the investment to SL Green.
The Farber Center lease is the first closed transaction of a leasing assignment that still encompasses more than 575,000 square feet following the newly signed deal. The 21-story property has been largely vacant since 9/11. SL Green is currently giving it a makeover.
Last week, SL Green said it would acquire 125 Park Ave. from Shorenstein Properties for $330 million. At the same time, it announced a $663-million agreement to sell its ownership stake at 1221 Ave. of the Americas and a 45% joint venture ownership at 600 Park Ave. to the Canada Pension Plan Investment Board.
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.
