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.