Midtown East Rezoning

Grand Central Landlord Threatens Lawsuit Over One Vanderbilt [Updated]

Vanderbilt Corridor

The landlord of Grand Central Terminal sent two lawyers to a preliminary Department of City Planning hearing on SL Green Realty Corp.’s proposal for One Vanderbilt to communicate the strong objections of Argent Ventures and its two private partners to the current plans for the 1,350-foot Midtown East office tower.

Sparks flew at a public meeting today about the pending environmental impact statement on the 67-story structure that would rise at 317 Madison Avenue adjacent to Grand Central, with litigation attorney Duane Loft of Boies, Schiller & Flexner offering up a threat to slap the city with a $1 billion lawsuit over the terminal’s unused air rights. Read More

Lease Beat

SL Green Inking Leases at 215 Park Avenue South

215 Park Avenue South

SL Green Realty racked up 43,678 square feet worth of new leases and renewals at 215 Park Avenue South in the past two months, the company announced yesterday.

Howard Tenenbaum and Gary Rosen of SL Green represented the building manager in-house during negotiations with three tenants: public affairs firm Global Strategy Group, marketing agency Lippe Taylor and production company Warshaw Blumenthal Advertising. Read More

Mortgage Observer

Citigroup Securitizing $1.45B Loan to SL Green

388 Greenwich Street

Citigroup has received preliminary ratings for the issuance of CMBS secured by a first mortgage loan of $1.45 billion, according to a pre-sales report from Morningstar Credit Rating.

The floating-rate mortgage loan was recently provided by a group led by Citi to the company’s current landlord at 388-390 Greenwich Street in Tribeca, SL Green Realty, for the purpose of buying out Canadian pension fund Ivanhoe Cambridge’s joint ownership in the buildings, as Mortgage Observer previously reported.  The seven-year mortgage was provided by a lending group that included Bank of China, Wells Fargo, and Barclays, according to a statement from SL Green when the loan closed, last month.  Read More

Sales Beat

SL Green to Acquire 719 Seventh Avenue for $41.1M

719 Seventh Avenue. (PropertyShark)

SL Green has agreed to acquire 719 Seventh Avenue for $41.1 million, the real estate investment trust announced today.

The Times Square-area property is located on the southeast corner of 48th Street and Seventh Avenue and can accommodate a building of up to 28,114 square feet, as well as LED signage. The buyer intends to demolish the existing building and utilize the site’s development rights, according to a press release announcing the deal. Read More

In Negotiations

TD Bank in Talks to Anchor Proposed SL Green Tower

Rendering of 1 Vanderbilt.

Canadian financial services company Toronto-Dominion Bank is in talks to anchor 1 Vanderbilt, SL Green’s proposed office tower in East Midtown, according to published reports.

The U.S. unit of the company, TD Bank, is headquartered in the Philadelphia suburb of Cherry Hill, N.J., but is considering an expansion in New York City and is in negotiations to take space at 1 Vanderbilt, The Wall Street Journal reported. Read More

Lease Beat

Global Strategy Group Moving to 215 Park Avenue South

215 Park Avenue South. (SL Green)

Public relations firm Global Strategy Group has signed a 21,974-square-foot lease for the 15th floor — and a portion of the 14th – at SL Green’s 215 Park Avenue South, Commercial Observer has learned.

The firm plans to relocate from its existing offices at 895 Broadway this fall and was drawn to the building’s location in the heart of Union Square, at 18th Street, and an existing installation that will serve as the new backdrop for their expanding operations. Read More

Mortgage Observer

Q&A: David Schonbraun, Co-Chief Investment Officer, SL Green

David Schonbraun of SL Green

Mr. Schonbraun told Mortgage Observer about his tennis career, SL Green’s entry into lending and how New York City has more available debt and equity than perhaps any other time in history.

Mortgage Observer: I know you were an avid tennis player growing up. Did you plan to play professionally?

David Schonbraun: That was the initial plan. I got hurt, tried to come back – it was tough. But it’s probably the best thing that ever happened to me, actually. Tennis got me into Princeton. In retrospect, I probably would have played tennis for a couple years and I would have started at a less opportune time in the market cycle. Read More

Lease Beat

Financial Tech Firm Expands at Tower 45

Tower 45 at 120 West 45th Street.

Financial technologies company Curex Group Holdings has renewed and expanded its headquarters lease at 120 West 45th Street (aka Tower 45) in the Grand Central submarket for a combined 22,925 square feet of space.

The lease covers the entire 22nd floor and 5,003 square feet of expansion space on the 23rd floor. Read More

Lease Beat

SL Green Signs 17 Deals at the Graybar Building

Graybar Building.

SL Green has signed 17 leases totaling over 86,000 square feet at its 420 Lexington Avenue property in recent weeks, according to The New York Post. The tower, also known as the Graybar Building, is now 95 percent leased.

Leading the way was a 19,682-square-foot expansion for Pride Technologies LLC and Pride Global Finance, the Post reported. Pride Global, a private equity holding company, operates Pride Technologies, an information technology company. Read More

Mortgage Observer

Citigroup and Others to Lend $1.45B to SL Green, as REIT Raises Cash for New Deals

388 Greenwich Street

The financial musical chairs at Citigroup’s Tribeca offices continue. The multinational financial services firm signed a contract in December to occupy and possibly buy two buildings, 388 and 390 Greenwich Street, which it already occupies. Now, the bank is also lending a whopping $1.45 billion to the current landlord, SL Green Realty, according to a report from Bloomberg News today.

That loan–which reportedly includes bundled funds from Barclays Plc, Wells Fargo and Bank of China—will be packaged into bonds set to hit the market next month. Read More

Tech Beat

View the Space to Launch Mobile Platform

View the Space's Andrew Flint (left), the head of business development, and Ryan Massiello, the chief revenue officer with the new mobile app on his phone

Commercial real estate leasing startup View the Space is preparing to introduce a mobile reporting platform, Commercial Observer has learned.

Next week, the real-time data provider, which aims to streamline the leasing process for brokers and landlords, will introduce the mobile platform for iPhone and iPad after beta testing the product for the last couple of weeks. Read More