SL Green Realty Corp. (NYSE: SLG) today announced positive leasing results for the first two months of 2013 highlighted by a 150,865 square foot lease signed with Eisner Amper at 750 Third Avenue. The Company also indicated that its New York City leasing pipeline – consisting of transactions currently in late stage negotiations or awaiting final signatures – remains very strong as well.
Thirty-five leases covering 457,677 square feet have been signed in SL Green’s Manhattan portfolio so far this year. Activity currently in the pipeline is in excess of 600,000 square feet.
SL Green CEO Marc Holliday commented, “Even though first-quarter leasing is typically slow, we entered 2013 with confidence, given our overall assessment of the New York commercial real estate market and knowing what we had in the pipeline at that point. Our results and activity since January have far outpaced our expectations.”
Mr. Holliday will provide further commentary at today’s Citi 2013 Global Property CEO Conference.
Other notable leases included:
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- WPP Group USA, Inc. signed a 43,294 square foot renewal lease at 100 Park Avenue.
- The Federative Republic of Brazil signed a 30,320 square foot new lease at 220 East 42 nd Street.
- Major, Lindsey & Africa LLC signed a 21,677 square foot new lease at 521 Fifth Avenue.
- Chinatrust Commercial Bank, Ltd. signed a 20,987 square foot new lease at 521 Fifth Avenue.
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.