Reckson, a division of SL Green Realty Corp. (NYSE: SLG), reported today that it has signed three suburban office portfolio leases totaling 101,082 square feet in Westchester County, New York. This multifaceted transaction was comprised of four separate leases (including one in Manhattan), in three locations for two different tenants in order to meet the tenants’ respective space needs and, most notably, included a 67,145 square foot, long term headquarters lease signed by Xylem Inc. (NYSE: XYL), a leading provider globally of advanced water technology solutions, at 1 International Drive in Rye Brook, New York.
Sufficient space was made available at the building due to Reckson’s ability to negotiate the relocation of a unit of Verizon from 1 International Drive to 500 Summit Lake Drive in Valhalla, New York, where it signed a 29,756 square foot lease. The deal increases occupancy at 500 Summit Lake Drive to 90 percent.
The final two components of the transaction included Verizon's extension of an existing 4,181 square foot lease at 1 International Drive along with an extension on 10,000 square feet at 120 West 45th Street, also known as Tower 45, in Manhattan “We are thrilled that Xylem is locating its headquarters at 1 International Drive and joining our prominent roster of high quality tenants at the office park,” said John Barnes, Senior Vice President and Managing Director of Reckson. “This was a very complicated transaction with many moving parts. The Reckson team was exceptionally creative in devising solutions that would accommodate both tenants in different suburban locations while collaborating with the SL Green NYC leasing team on Verizon's renewal at Tower 45.”
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 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.