SL Green Realty Corp. (NYSE: SLG) announced today that it has reached agreement with 673 First Avenue Associates, the fee owner of 673 First Avenue, to extend the ground lease at that property to August 2087, an additional 50 years past its scheduled 2037 expiration date.
Located in the heart of the east side’s medical corridor on the northwest corner of 38th Street and First Avenue, 673 First Avenue is a 12-story building containing 425,000 rentable square feet. It is 99.4 percent leased, primarily to NYU Hospitals Center and New York Presbyterian Hospital, making it a recognized center for Manhattan’s medical community.
Isaac Zion, Co-Chief Investment Officer of SL Green, commented, “The extension of this ground lease provides a significant value enhancement to 673 First Avenue. This transaction ensures our ability to control the property for many decades to come.”
About SL Green:
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.
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