REIT Beat

SL Green’s First Quarter Office Leasing Set to Blow Away 4Q 2012

SL Green Realty Corp. today announced that 35 office leases covering 457,677 square feet were signed in its Manhattan portfolio during the first two months of the year, already trumping its totals from the fourth quarter of 2012.

The year so far was highlighted by a 150,865 square foot lease signed with Eisner Amper at 750 Third Avenue, and the firm also said it has 600,000 more square feet in the pipeline

“Even though first-quarter leasing is typically slow, we entered 2013 with confidence, given our overall assessment of the New York commercial real estate market and knowing what we had in the pipeline at that point,” SL Green’s CEO Marc Holliday said, in a statement.  “Our results and activity since January have far outpaced our expectations.”

SL Green CEO Marc Holliday

SL Green CEO Marc Holliday

SL Green signed 54 Manhattan office leases totaling 321,622 square feet during the fourth quarter of 2012, the REIT reported in January.

Notable leases from this year included WPP Group USA, Inc.’s 43,294-square-foot renewal at 100 Park Avenue; The Federative Republic of Brazil’s 30,320-square-foot lease at 220 East 42nd Street; Major, Lindsey & Africa LLC’s 21,677 square foot lease at 521 Fifth Avenue; and Chinatrust Commercial Bank, Ltd.’s 20,987-square-foot lease at 521 Fifth Avenue.

The REIT is currently redeveloping several properties throughout Manhattan, Director of Leasing Steve Durels told The Commercial Observer last month.  The projects include 635 and 641 Avenue of the Americas, 280 Park Avenue, 10 East 53rd Street and 180 Maiden Lane.

A separate announcement from the company today stated that Alexander McQueen has signed a 15-year retail lease for a mid-block retail space at 747 Madison Avenue, reportedly taking 3,300 square feet.

The REIT currently owns interests in 77 Manhattan properties totaling 39.3 million square feet, and last year the firm completed 258 leases covering 3.95 million square feet.

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