NEW YORK, NY. - January 27, 2009 - SL Green Realty Corp. (NYSE:SLG) today announced that an affiliate of Wells Fargo Bank, Wells Fargo Trade Capital, has signed a 10-year lease totaling 44,716 square feet at 100 Park Avenue. The subsidiary of the financial services giant will occupy the building's entire third floor.
The transaction is the latest of several major leases executed at 100 Park Avenue after SL Green recently completed its award winning redevelopment project. The $72 million modernization included the creation of a two-story atrium lobby, a complete re-cladding of the façade and a host of infrastructure improvements. The project is on course to earn a silver LEED designation and was named BOMA's "Best Renovated Building." Other notable tenants include BDO Seidman LLP, J&W Seligman Company Inc., and Kreindler & Kreindler.
The 2009 transaction follows a record-breaking flurry of activity in 2008 that included 1.52 million square feet in SL Green's Manhattan portfolio of new and renewal leases in the Fourth Quarter, inclusive of a renewal lease with Viacom for substantially all of the office space located at 1515 Broadway.
Additional 2009 lease transaction highlights portfolio wide include:
Cappelli Enterprises - 16,000 square feet at 115 Stevens Avenue, Valhalla;
SciMed, LLC - 15,274 square feet at 420 Lexington Avenue; and
The City of New York - 11,016 square feet at 16 Court Street, Brooklyn.
Marc Holliday, Chief Executive Officer of SL Green, commented, "The past year has been a challenging one for office property owners everywhere, including in New York City and the tri-state area, as many companies are finding it hard to quantify their near-to-mid-term space needs and make leasing commitments. What helps SL Green to weather this difficult period is having extremely well-positioned and well-operated properties providing great value to tenants. Plus we have an outstanding team of leasing and management professionals continuing to source and complete more than our share of available deals."
SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. The Company is the only publicly held REIT that specializes in this niche. As of December 31, 2008, the Company owned 29 New York City office properties totaling approximately 23,211,200 square feet, making it New York's largest office landlord. In addition, at December 31, 2008, SL Green held investment interests in, among other things, eight retail properties encompassing approximately 400,212 square feet, two development properties encompassing approximately 363,000 square feet and two land interests, along with ownership interests in 34 suburban assets totaling 7,656,500 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.
To be added to the Company's distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at 212-216-1601.
This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include the strength of the commercial office real estate markets in New York, reduced demand for office space, unanticipated increases in financing and other costs, competitive market conditions, unanticipated administrative costs, timing of leasing income, general and local economic conditions, interest rates, capital and credit market conditions, tenant or borrower bankruptcies and defaults, compliance with financial covenants, the availability and cost of comprehensive insurance, including coverage for terrorist acts, environmental, regulatory and/or safety requirements, and other factors, which are beyond the Company's control. We undertake no obligation to publicly update or revise any of the forward-looking information. For further information, please refer to the Company's filings with the Securities and Exchange Commission.
EVP, Director of Leasing and Real Property
Director, Investor Relations