Alexander McQueen Signs Retail Lease at Prime Madison Avenue Location as
Redevelopment Nears Completion
NEW YORK -- March 4, 2013
SL Green Realty Corp (NYSE: SLG) today announced that international fashion
retailer Alexander McQueen has signed a 15-year lease for a mid-block retail
space at 747 Madison Avenue. The tenant is expected to move into the space
during the third quarter, 2013.
The retail co-op interest at 747 Madison is owned by a joint venture that
includes SL Green, Jeff Sutton and Harel Insurance Company Ltd. After the
partnership acquired the retail interest in September 2011, a second-floor
residential co-op unit was additionally acquired in order to redevelop and
expand the ceiling height of the retail space. The remaining retail space on
the corner of 65^th Street and Madison Avenue, adjacent to the Alexander
McQueen store, is currently in the market for leasing.
“The acquisition and repositioning of 747 Madison is a classic SL Green/Sutton
initiative to unlock significant potential value from a prime retail
location,” said SL Green President Andrew Mathias. “We believe the Alexander
McQueen lease announced today confirms that our vision for this property was
right on the mark, and we look forward to continuing our efforts to complete
the lease-up next door.”
Susan Kurland from CBRE brokered the transaction.
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 December 31, 2012, SL Green owned interests in 85 Manhattan
properties totaling 40.8 million square feet. This included ownership
interests in 27.8 million square feet of commercial properties and debt and
preferred equity investments secured by 13.0 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.
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 general
economic, business and financial conditions, and their effect 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.
Heidi Gillette, 212-594-2700
Director, Investor Relations
Press spacebar to pause and continue. Press esc to stop.