SL Green completes 156,000 s/f lease, assisted by CBRE and C&W

1250 Broadway - Manhattan, NY

Michael Laginestra

Doug Lehman

Alex Chudnoff

Mitti Liebersohn

Paul Glickman

Tara Stacom

Diana Biasotti
Manhattan, NY SL Green Realty Corp. has completed a new 15-year lease agreement with The Segal Co. to occupy 156,000 s/f on floors 2 through 5 at 333 W. 34th St. The property, which consists of 350,000 s/f, was acquired by SL Green in April, 2007.
Located on 34th St. between Eighth and Nine Aves., one block from Penn Station, 333 West 34th St. is currently 100% leased to Citigroup, which is scheduled to vacate in 2009. The 10-story building offers floor plates ranging in size from 38,000 s/f to 27,000 s/f.
Michael Laginestra, Michael Geoghegan, Douglas Lehman and Casey Hirschhorn of CBRE represented the tenant, while Paul Glickman, Tara Stacom, Alex Chudnoff, Mitti Liebersohn and Diana Biasotti of Cushman & Wakefield, Inc. represented SL Green.
SL Green Realty Corp. is also expected to close on the $310 million sale of of 1250 Broadway. Located near Penn Station on Broadway at 31st St., 1250 Broadway is a 39-story, 670,000 s/f, class A office tower, with an occupancy rate of 99%.
After executing more than 630,000 s/f of leases and completing a $6.8 million building renovation program, the partners recapitalized the property in October 2006, with an agreed-upon value of $260 million-at which time SL Green's economic stake increased from 54.9% to 66.2% due to the company's success in exceeding performance thresholds.
Cushman & Wakefield acted on behalf of the sellers for this transaction. The sale is expected to close during the second quarter of 2008, subject to customary closing conditions.
Story ran in the Front Section section on 03/25/2008




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