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

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.