SL Green Realty Corp. (NYSE: SLG) and partner Jeff Sutton announced today that they have entered into an agreement to buy out the lease of retailer Juicy Couture at 650 Fifth Avenue. The transaction enables the leasehold owners to combine Juicy Couture’s existing basement, grade-level and second floor retail space with additional vacant space on the third-floor, to accelerate the partnership’s ability to reposition the building’s premier retail corner location.
Today’s announcement follows the SL Green/Sutton joint venture’s recent acquisition of a 49-year leasehold interest covering the entire retail portion of 650 Fifth Avenue.
SL Green President, Andrew Mathias, said, “By executing this transaction, we are immediately creating substantial value for the leasehold and fee interest at the property. Our conversion will enable a retailer to establish a vertical store in a prime Fifth Avenue location with nearly 30,000 square feet of space.”
He continued, “Working in partnership with Jeff Sutton, we continue to build what we believe is New York City’s best retail real estate portfolio.”
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, 2013, SL Green owned interests in 89 Manhattan properties totaling 42.3 million square feet. This included ownership interests in 23.9 million square feet of commercial properties and debt and preferred equity investments secured by 14.9 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 three development properties in the suburbs encompassing approximately 0.4 million square feet. The Company also has ownership interests in 28 properties totaling 3.7 million square feet in southern California.