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	<title>The Commercial Observer &#187; SL Green $122 M. Retail Purchase Highlights Metered Q4 Growth</title>
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		<title>The Commercial Observer &#187; SL Green $122 M. Retail Purchase Highlights Metered Q4 Growth</title>
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		<title>SL Green $122 M. Retail Purchase Highlights Metered Q4 Growth</title>

		<comments>http://commercialobserver.com/2013/02/sl-green-122-m-retail-purchase-highlights-metered-q4-growth/#comments</comments>
		<pubDate>Mon, 04 Feb 2013 13:36:55 -0400</pubDate>
					<link>http://commercialobserver.com/2013/02/sl-green-122-m-retail-purchase-highlights-metered-q4-growth/</link>
			<dc:creator>Al Barbarino</dc:creator>
				
		<guid isPermaLink="false">http://commercialobserver.com/?p=246795</guid>
		<description><![CDATA[<p>City records confirm real estate powerhouse <strong>SL Green Realty</strong>’s acquisition of a six-story retail, office and residential building at <strong>131-137 Spring Street</strong> for $122.3 million late last year.</p>
<p>The acquisition of the prime retail location, adjacent to <strong>Chanel</strong>'s Soho Flagship store, capped off what company executives lauded as a stellar fourth quarter given the economic uncertainty that permeated the industry in 2012.</p>
<p>“It was an excellent, excellent quarter as a standalone, and particularly in light of the headwinds,” SL Green CEO <strong>Marc Holliday</strong> said during the firm’s fourth quarter earnings call, referring specifically to the impacts of Hurricane Sandy, the uncertain election and the fiscal cliff crisis.</p>
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<p><div id="attachment_246796" class="wp-caption alignright" style="width: 241px"><a href="http://nyocommercialobserver.files.wordpress.com/2013/02/img5107e3fe27978-lsthumb.jpg"><img class="size-full wp-image-246796" alt="131-137 Spring Street" src="http://nyocommercialobserver.files.wordpress.com/2013/02/img5107e3fe27978-lsthumb.jpg" width="231" height="310" /></a><p class="wp-caption-text">131-137 Spring Street</p></div></p>
<p>He highlighted the REIT’s growing Manhattan portfolio, which culminated in the last minute pick up of the Spring Street property, which according to the deed was finalized on December 28.</p>
<p>The 71,689-square-foot property includes prime retail space – with 100 feet of ground floor frontage between Wooster and Greene streets and currently occupied by <strong>Burberry Limited</strong>, <strong>Diesel USA</strong>, <strong>Framestore, Inc.</strong> and  <strong>Havaianas</strong> – as well as six residential rental units and upper office space.</p>
<p>The seller, Dublin-based <strong>Willett Companies</strong>, purchased the property for $46 million in 2006, city records show.</p>
<p>SL Green signed 54 office leases in its Manhattan portfolio totaling 321,622 square feet in the fourth quarter.</p>
<p>In October, the company extended its ground lease at <strong>673 First Avenue</strong> to August 2087 – 50 years past its scheduled 2037 expiration date – and it formed a joint venture for a 99-year triple net ground lease on<strong> 1080 Amsterdam Avenue</strong>, an 82,250-square-foot, 96-unit residential building.</p>
<p>The company also sold a 49.5 percent interest in <strong>521 Fifth Avenue</strong> at a gross sales price of $315 million in November, which after a refinancing generated $84.8 million in proceeds for the company, according to the fourth quarter report.</p>
<p>As of December 31, 2012, SL Green owned interests in 85 Manhattan properties totaling 40.8 million square feet.</p>
<p>Company executives handling leasing at the building did not return calls seeking comment in time for publication, but its website indicates that a single retail vacancy remains.</p>
]]></description>
		<content:encoded><![CDATA[<p>City records confirm real estate powerhouse <strong>SL Green Realty</strong>’s acquisition of a six-story retail, office and residential building at <strong>131-137 Spring Street</strong> for $122.3 million late last year.</p>
<p>The acquisition of the prime retail location, adjacent to <strong>Chanel</strong>'s Soho Flagship store, capped off what company executives lauded as a stellar fourth quarter given the economic uncertainty that permeated the industry in 2012.</p>
<p>“It was an excellent, excellent quarter as a standalone, and particularly in light of the headwinds,” SL Green CEO <strong>Marc Holliday</strong> said during the firm’s fourth quarter earnings call, referring specifically to the impacts of Hurricane Sandy, the uncertain election and the fiscal cliff crisis.</p>
<p><!--more--></p>
<p><div id="attachment_246796" class="wp-caption alignright" style="width: 241px"><a href="http://nyocommercialobserver.files.wordpress.com/2013/02/img5107e3fe27978-lsthumb.jpg"><img class="size-full wp-image-246796" alt="131-137 Spring Street" src="http://nyocommercialobserver.files.wordpress.com/2013/02/img5107e3fe27978-lsthumb.jpg" width="231" height="310" /></a><p class="wp-caption-text">131-137 Spring Street</p></div></p>
<p>He highlighted the REIT’s growing Manhattan portfolio, which culminated in the last minute pick up of the Spring Street property, which according to the deed was finalized on December 28.</p>
<p>The 71,689-square-foot property includes prime retail space – with 100 feet of ground floor frontage between Wooster and Greene streets and currently occupied by <strong>Burberry Limited</strong>, <strong>Diesel USA</strong>, <strong>Framestore, Inc.</strong> and  <strong>Havaianas</strong> – as well as six residential rental units and upper office space.</p>
<p>The seller, Dublin-based <strong>Willett Companies</strong>, purchased the property for $46 million in 2006, city records show.</p>
<p>SL Green signed 54 office leases in its Manhattan portfolio totaling 321,622 square feet in the fourth quarter.</p>
<p>In October, the company extended its ground lease at <strong>673 First Avenue</strong> to August 2087 – 50 years past its scheduled 2037 expiration date – and it formed a joint venture for a 99-year triple net ground lease on<strong> 1080 Amsterdam Avenue</strong>, an 82,250-square-foot, 96-unit residential building.</p>
<p>The company also sold a 49.5 percent interest in <strong>521 Fifth Avenue</strong> at a gross sales price of $315 million in November, which after a refinancing generated $84.8 million in proceeds for the company, according to the fourth quarter report.</p>
<p>As of December 31, 2012, SL Green owned interests in 85 Manhattan properties totaling 40.8 million square feet.</p>
<p>Company executives handling leasing at the building did not return calls seeking comment in time for publication, but its website indicates that a single retail vacancy remains.</p>
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