SL Green’s Ed Piccinich on His Renewed Lease on Life

While he didn’t get sentimental about the process of losing buildings, Mr. Piccinich extolled the virtues of working for marquee Midtown properties still under SL Green’s umbrella. One key building is 1515 Broadway in Times Square, headquarters of Viacom and a former teenybopper pilgrimage site, when it housed MTV’s Total Request Live studio.

“What you get [at 1515 Broadway] is one of the world’s best-known locations. And what makes it perfect for a Viacom is the chance to demonstrate that you’re operating properly. You have to maintain an asset, given the number of people who pass through, and to make sure you’re not falling victim to the tourists.”

Before its titanic 1.3-million-square-foot lease renewal at the property last year, Viacom was said to be eyeing new spaces in lower Manhattan. Mr. Piccinich said he was unfazed by the rumor mill concerning that and other big transactions.

Ignoring the media hype also may have come in handy during SL Green’s negotiations with the elusive Joe Chetrit during his $1.1 billion acquisition of the Sony Building at 550 Madison Avenue. SL Green ultimately arranged $925 million in financing for Chetrit Group.

“Mysterious or not,” Mr. Piccinich said of Mr. Chetrit, “we felt comfortable making the loan. It was one of the biggest structured finance deals that we’ve done. And we’re rooting for [Chetrit Group].”

SL Green will not be involved in the reported $500 million renovation of the Sony Building. Does Mr. Piccinich wish he could leave his mark there? He “never likes to say no.”

That’s not to say he won’t be keeping busy. One of Mr. Piccinich’s current signature projects is the $125 million redevelopment of 280 Park Avenue. The company will team with Vornado on that overhaul. “It’s always cool to have another cook in the kitchen,” Mr. Piccinich said of SL Green’s numerous joint ventures. “You work with a partner to take these premier addresses and give them the face-lifts they need.”

What will 280 Park Avenue’s makeover entail? Mr. Piccinich said “there will be not be another other lobby like it” once work is completed, leaving the now-dated site with vaulted 20-foot ceilings. “It will light up Park Avenue,” he said. “Our competition in the area—the Seagrams Building, Lever House—won’t be able to compete. We’ll become the envy of Park, no question.”

Looking further into the Grand Central neighborhood’s future, Mr. Piccinich voiced support for the Midtown East rezoning proposal, whose architects last week tried (with limited success) to appease critics with amendments to air rights and mixed-use provisions.

“I’m for that plan,” Mr. Piccinich said. “When you look at Grand Central and the visionary who decided to build this tremendous facility … it’s a work of art. But you can’t assume that every building in the city is world-class. In order for future generations to come [to the neighborhood], we have to make sure that we attract jobs and funding and make improvements in transportation infrastructure. The rezoning is a critical part of that.”

Also on the subject of the future, Mr. Piccinich, who has seen buildings rise, fall, flood and remake themselves, hopes that real estate stays in the family. The Garden State native and father of three already has one daughter who “works for the competition” at CBRE. And he hopes his other two children will enter the business. Meanwhile, he’s trying to convince his wife to move with him from Wyckoff, N.J., to the city.

“I was on the 10-yard line, got sacked and am back midfield,” he said of that negotiation. Whether or not Mr. Piccinich and family take up residence in Manhattan, he said, his role at SL Green has already given him a stake in New York.

“I’ve put my fingertips on the skyline.”