NEW YORK, Oct. 28, 2024 (GLOBE NEWSWIRE) — SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that it has signed a 72,515 square foot, 10-year lease with leading hedge fund Verition Group NY, Inc., raising occupancy in the building to 92.5%. Verition will expand its footprint in the building by 34,413 square feet, relocating from the 35th floor to the entire 14th and 15th floors. This transaction increases SL Green’s office leases signed year to date to 3,002,971 square feet.
“We’re delighted to expand and extend our valued relationship with Verition Group,” said Steven Durels, Executive Vice President and Director of Leasing and Real Property at SL Green, who added, “Our transformative redevelopment plan will elevate the tenant experience and identify 245 Park Avenue as one of the premier buildings in the country’s most desirable office market.”
The redevelopment includes a spectacular new lobby, reimagined plazas, new storefronts, new windows and a jewel-like terracotta overclad of the Park Avenue podium facade. Additionally, new amenities will include a tenant-only wellness center featuring a large fitness center, country club style golf lounge and upscale cafe operated by Michelin star chef Daniel Boulud’s team. A one-of-a-kind rooftop garden will overlook the city skyline and direct access connects the building to Grand Central Terminal.
The tenant was represented by Bill Levitsky and John Cilmi, Jr. of Newmark. The landlord was represented by Cushman & Wakefield’s Bruce Mosler, Harry Blair, Tara Stacom, Ron LoRusso, Justin Royce, Pierce Hance and Will Yeatman.
About SL Green Realty Corp.
SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2024, SL Green held interests in 55 buildings totaling 31.8 million square feet. This included ownership interests in 28.1 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.
Forward Looking Statement
This press release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” or the negative of these words, or other similar words or terms.
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