SL Green Reaches Full Retail Occupancy at One Madison Avenue
The company signed 66,014 square feet worth of retail leases.
SL Green has signed retail leases equaling 66,014 square feet in the first quarter. Particularly, the company has reached full occupancy of One Madison Avenue.
The leasing achievements at One Madison Avenue consist of major food restaurants. SL Green listed six of them. One is Delicious Hospitality Group, which signed a 15-year lease for a spot that comes in at 13,558 square feet. The group owns brands including Charlie Bird, Pasquale Jones, and Legacy Records, which all can be found throughout New York.
La Tête d’Or by Daniel has struck a deal for a 15-year lease at One Madison, with the property measuring out to 11,983 square feet. Some other milestones for SL Green at One Madison are as follows:
- Los Tacos No. 1 – 15-year lease and 4,032 square feet
- Sweetgreen - 10-year lease and 3,917 square feet
- Alidoro - 15-year lease and 1,004 square feet
- Jōji Box – 15-year lease and 1,966 square feet
“Our goal was to curate an array of high-quality hospitality and lifestyle tenants to provide elevated live-work-play experiences for our tenants and the vibrant Flatiron neighborhood, ”Brett Herschenfeld, executive vice president for retail and opportunistic investments at SL Green, said in a statement.
“Our strong retail leasing across the portfolio is indicative of the appetite for unique, quality retail throughout New York City, driven by high foot traffic and an increase in New York City tourism.
The demand has been strong on Madison Avenue in general. In the first quarter, retail availability dropped to a record low of 5.9 percent, according to a market report from JLL.
In addition, SL Green highlighted some other retail lease signings that it completed outside of One Madison. This includes Chase Bank, which renewed a lease at 810 Seventh Avenue (five years, 4,718 square feet).
The other leases inked by the REIT include Brasserie Cognac signing a 15-year deal for a 13,687-square-foot property at 461 Fifth Avenue.
Separately, SL Green said its flagship retail tenant, Chelsea Piers, will debut its second Manhattan property in August at the South office tower.