SL Green Signs 103,339 Sq. Ft. of New Leases
Signs Robert Half International, Inc. to New Lease at 125 Park Avenue
Expands WPP’s Young & Rubicam Group at 3 Columbus Circle
NEW YORK -- October 25, 2012
SL Green Realty Corp. (NYSE: SLG) announced today that Robert Half
International, Inc. has signed a new 38,026 square foot, 11 year, lease at 125
Park Avenue, covering the entire fourth and part ^ of the third floors.
Robert Half International, the world's largest specialized staffing firm, is a
recognized leader in professional consulting and staffing services.
125 Park Avenue, strategically located directly across 42nd Street from New
York City’s Grand Central Terminal, is a classically ornate, fully modernized
654,852-square-foot office building.
“This lease, together with a recently signed new lease with Emerge212 covering
30,679 square feet, improves leasing to 83.6%,” said Steven Durels, SL Green’s
Director of Leasing and Real Property, adding “these two transactions covering
a total of 68,705 square feet at 125 Park Avenue were both signed within the
past 30 days.”
The Company also announced today that WPP’s Young & Rubicam, Inc. (Y&R) has
signed a lease for an additional 34,634 square feet at 3 Columbus Circle, a
26-story, 768,565 square foot property. The new 20-year lease covering the
entire 11th floor is co-terminus with Y&R’s existing lease and increases its
total commitment at 3 Columbus Circle to 373,766 square feet on 11 full
“We are delighted to assist in Y&R’s rapid space expansion,” said Mr. Durels,
who added “after recently completing a comprehensive redevelopment and
repositioning of 3 Columbus Circle, we’re pleased that the office portion of
the building is now at 73.6% leased as compared to an office occupancy of
17.2% at the time that SL Green took control of the building and commenced our
repositioning plan in 2011.”
For the lease transaction with Robert Half International at 125 Park Avenue,
Hal Stein and Neil Goldmacher of Newmark Grubb Knight Frank represented the
tenant and SL Green was represented by Brian Waterman, David Falk, Daniel
Levine, Peter Shimkin and Jonathan Tootell of Newmark Grubb Knight Frank.
CBRE’s Mary Ann Tighe and Gregory Tosko represented Y&R at 3 Columbus Circle,
while Newmark Knight Frank’s Brian Waterman, Scott Klau and James Kuhn acted
on behalf of SL Green.
About SL Green Realty Corp.
SL Green Realty Corp., New York City's largest office landlord, is the only
fully integrated real estate investment trust, or REIT, that is focused
primarily on acquiring, managing and maximizing value of Manhattan commercial
properties. As of September 30, 2012, SL Green owned interests in 77 Manhattan
properties totaling 39.3 million square feet. This included ownership
interests in 27.5 million square feet of commercial properties and debt and
preferred equity investments secured by 11.8 million square feet of
properties. In addition to its Manhattan investments, SL Green holds ownership
interests in 31 suburban assets totaling 5.4 million square feet in Brooklyn,
Long Island, Westchester County, Connecticut and New Jersey, along with four
development properties in the suburbs encompassing approximately 0.5 million
square feet. The Company also has ownership interests in 31 properties
totaling 4.5 million square feet in southern California.
Forward Looking Statements
This press release includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995 and are intended to be covered by the safe
harbor provisions thereof. All statements, other than statements of historical
facts, included in this press release that address activities, events or
developments that we expect, believe or anticipate will or may occur in the
future, including such matters as future capital expenditures, dividends and
acquisitions (including the amount and nature thereof), development trends of
the real estate industry and the Manhattan, Brooklyn, Queens, Westchester
County, Connecticut, Long Island and New Jersey office markets, business
strategies, expansion and growth of our operations and other similar matters,
are forward-looking statements. These forward-looking statements are based on
certain assumptions and analyses made by us in light of our experience and our
perception of historical trends, current conditions, expected future
developments and other factors we believe are appropriate.
Forward-looking statements are not guarantees of future performance and actual
results or developments may differ materially, and we caution you not to place
undue reliance on such statements. Forward-looking statements are generally
identifiable by the use of the words "may," "will," "should," "expect,"
"anticipate," "estimate," "believe," "intend," "project," "continue," or the
negative of these words, or other similar words or terms.
Forward-looking statements contained in this press release are subject to a
number of risks and uncertainties that may cause our actual results,
performance or achievements to be materially different from future results,
performance or achievements expressed or implied by forward-looking statements
made by us. These risks and uncertainties include the effect of the credit
crisis on general economic, business and financial conditions, and on the New
York metropolitan real estate market in particular; dependence upon certain
geographic markets; risks of real estate acquisitions, dispositions and
developments, including the cost of construction delays and cost overruns;
risks relating to structured finance investments; availability and
creditworthiness of prospective tenants and borrowers; bankruptcy or
insolvency of a major tenant or a significant number of smaller tenants;
adverse changes in the real estate markets, including reduced demand for
office space, increasing vacancy, and increasing availability of sublease
space; availability of capital (debt and equity); unanticipated increases in
financing and other costs, including a rise in interest rates; our ability to
comply with financial covenants in our debt instruments; our ability to
maintain our status as a REIT; risks of investing through joint venture
structures, including the fulfillment by our partners of their financial
obligations; the continuing threat of terrorist attacks, in particular in the
New York metropolitan area and on our tenants; our ability to obtain adequate
insurance coverage at a reasonable cost and the potential for losses in excess
of our insurance coverage, including as a result of environmental
contamination; and legislative, regulatory and/or safety requirements
adversely affecting REITs and the real estate business, including costs of
compliance with the Americans with Disabilities Act, the Fair Housing Act and
other similar laws and regulations.
Other factors and risks to our business, many of which are beyond our control,
are described in our filings with the Securities and Exchange Commission. We
undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of future events, new information or
SL Green Realty Corp.
Steven Durels, Exec VP,
Director of Leasing and Real Property
Director, Investor Relations
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