SL Green Inks 110,974 SF in Midtown Buildings

NEW YORK CITY-SL Green Realty Corp. has completed four new lease agreements, including two renewals, totaling 110,974 sf in Midtown. The leases include space at 461 Fifth Ave., 100 Park Ave., 420 Lexington Ave. also known as the Graybar Building, and 1185 Avenue of the Americas. The latest leases are in addition to 692,925 sf of leases signed through Q2 this year, as announced July 24. The company’s Manhattan portfolio is 97.5% leased. Commenting on the ongoing strength of SL Green’s leasing activity, Steven Durels, EVP and director of leasing and real property, says that leasing momentum has continued unabated throughout the summer. “We’re particularly pleased that the mark to market for these new tenant leases represents on average a 93% increase over prior rents while these renewal leases have resulted in a 67% increase–a signal that New York City’s commercial real estate market for quality space remains positive,” he says. “Based on current pipeline activity, we expect the balance of the year to produce healthy leasing results.” Durels tells GlobeSt.com that asking rents are as follows: 100 Park Ave. is $90 to $110 per sf depending on the location within the building; 461 Fifth Ave. has asking rents of $100 per sf; 420 Lexington Ave. has asking rents of $60 to 68 per sf. Among new tenants, US Bank National Association, a holding of US Bancorp, signed a 10-year lease comprising 11,232 sf for the entire seventh floor of 461 Fifth Ave. Michael Burlant of Cushman & Wakefield Inc. represented the tenant. Fund manager General American Investors Co. Inc., signed a new 10,750-sf lease comprising the entire 35th floor for 10 years at the newly repositioned 100 Park Ave. Notably, this lease was executed at the building’s new pricing level–asking rent is now $105 per sf. Alexander Chudnoff and Haley Klein of Cushman & Wakefield represented the tenant. In renewals, leading Israeli commercial banking group, Bank Leumi renewed its 55,253-sf lease comprising the entire 10th floor at 420 Lexington Ave. through 2012. Brian Gell of CB Richard Ellis represented the tenant. At 1185 Avenue of the Americas, prominent investment manager M.D. Sass renewed its lease for the entire 18th floor and a portion of the 17th floor, constituting 33,739 sf, through 2017. Scott Klau at Newmark Knight Frank represented the tenant and Howard Tenenbaum and Gary Rosen at SL Green Leasing LLC represented the landlord.