SL Green Realty Corp., the largest landlord of office space in Manhattan, announced a fruitful start to the second quarter of the year. The REIT closed 12 leases during the first three weeks of April, totaling 107,325 square feet of office space.
Notably, two of the Manhattan office leases are at One Vanderbilt, which brought occupancy at the new supertall skyscraper up to 67%. CBRE represented SL Green in these deals:
- Independent investment firm Oak Hill Advisors expanded its initial lease to nearly 70,000 square feet by taking over a portion of the 15th floor, totaling roughly 24,000 square feet. The company footprint at One Vanderbilt now spans across both the 15th and 16th floors. Newmark Knight Frank represented the lessee.
- Private equity firms Sagewind Capital and InTandem Capital Partners joined in a new lease of just more than 10,000 square feet, covering a portion of the 24th floor. A JLL team represented the tenants.
One Vanderbilt is an office project tailored for the future workplace. It is Wired-certified for best-in-class connectivity, infrastructure, and technology readiness, and the 67-story tower boasts column-free floorplates and 360-degree views.
Steven Durels, executive vice president and director of leasing and real property at SL Green, said, “2020 leasing activity continues, albeit at a slower pace in the current environment. Tenants are reassessing per employee space allocations with an eye toward de-densifying and providing more space per employee.”
The Q2 2020 office leases wrapped by SL Green so far also include:
- A renewal of HQ Global Workplaces LLC’s lease at 100 Park Avenue. The workspace solutions provider occupies the entire 16th floor, nearly 28,000 square feet of prime office space in Midtown Manhattan. Located just one block from Grand Central terminal, the tower dates back to 1949 and was one of the first new office towers to rise on this side of Park Avenue after the war. In 2008, the property underwent an extensive, $72 million redevelopment that included a new metal and glass façade, a new two-story atrium lobby and new elevator cabs, as well as significant infrastructure upgrades. The property encompasses nearly 848,000 square feet of Class A, LEED Gold-certified, Murray Hill office space.
- A 23,362-square-foot renewal at 801 Seventh Avenue, signed with Sentry Center 810 Seventh LLC, which occupies the entire 23rd floor of the building, as well as part of the 22nd floor. The tower — an excellent example of international style architecture in the Midtown Manhattan skyline — offers spectacular views of Central Park and the Hudson River, in addition to tower floors that can accommodate six corner offices, and amenities such as on-site catering and a conference center available through Convene.
As of March 31, 2020, SL Green held interests in 102 buildings totaling 49.4 million square feet. This included ownership interests in 28.8 million square feet of Manhattan buildings and 19.6 million square feet securing debt and preferred equity investments.
Property images courtesy of Yardi Matrix