Division of Wells Fargo Re-Ups Its 103K SF at SL Green’s 100 Park Avenue
By Terence Cullen April 21, 2016 6:00 pm
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Wells Fargo (WFC) Capital Finance has renewed a lease for its three floors of office space at SL Green (SLG) Realty Corp.’s 100 Park Avenue.
The real estate investment trust announced the extension in its report on 2016’s first quarter, during which the landlord completed roughly 850,000 square feet of leases in Manhattan. That was carried in part by Wells Fargo’s 103,000-square-foot renewal for another five years and seven months.
Asking rent in the deal was not immediately clear, and nor was whether brokers were involved in the deal.
The asset-based lending wing of the banking giant first signed a 57,000-square-foot lease at the 887,489-square-foot property between East 40th and East 41st Streets about six years ago, according to CoStar Group.
Wells Fargo moved into the building in June 2009. The lender expanded by 12,000 square feet in December 2010, CoStar indicates. By February 2011, it tacked on an additional 34,000 square feet for its current foothold.
SL Green announced the renewal as part of a slew of transactions it has already completed in 2016. Executives said on an earnings call today that the leasing target for this year is 2 million square feet, with more than one-third of that already completed. There are another 1.3 million square feet of deals in talks right now, of which about 650,000 square feet are new, said SL Green Chief Executive Officer Marc Holliday, who recently clocked in at three on this year’s Power 100.
The first-quarter leasing would thus cover a third of what SL Green hopes to accomplish this year. Other heavyweight deals between January and March this year include Omnicom Group’s 167,000-square-foot renewal at 220 East 42nd Street and Credit Suisse’s two-floor re-signing of 186,396 square feet at 11 Madison Avenue, as Commercial Observer previously reported.
“The stars aligned and we ended up converting a lot of those transactions further,” Steven Durels, SL Green’s leasing chief, said of the leases already signed this year.
