SL Green Announces Transactions at 100 Park Avenue
09 Dezembro 2024 - 9:30AM
SL Green Realty Corp. (NYSE: SLG), Manhattan's largest office
landlord, today announced a series of transactions at 100 Park
Avenue, including a new 220,221 square-foot lease with global
professional services firm, Alvarez & Marsal Holdings, LLC, a
modification that extends and upsizes the existing $360.0 million
mortgage, and the signing of a purchase option agreement to acquire
its partner’s 49.9% interest in the property.
Alvarez & Marsal Holdings, LLC signed a new 15-year lease
for 220,221 square feet covering floors 3, 4 and 7-9, which brings
the building’s leased occupancy to 95.8%. The tenant was
represented by David Dusek of Cushman & Wakefield, while the
Landlord was represented by Harry Blair, Tara Stacom, Barry Zeller,
Justin Royce and Pierce Hance of Cushman & Wakefield.
The Company also modified the building’s existing $360.0 million
mortgage. The modification extended the final maturity date to
December 2027 and maintained the interest rate at 2.25% over Term
SOFR. In addition, the lenders provided a new $70.0 million future
funding facility to support leasing costs at the property. SL Green
was advised by Adam Spies and Doug Harmon of Newmark and the
lenders were advised by Doug Middleton of CBRE.
“Today’s announcements are further examples of SL Green’s
ability to amenitize and stabilize well-located Midtown Manhattan
assets and execute loan modifications that extend our maturity
profile while keeping rates unchanged,” said Harrison
Sitomer, Chief Investment Officer, SL Green. “With our
investment, 100 Park offers the convenience of a classic
headquarters building steps from Grand Central combined with a set
of all-new, ultra-modern spaces and amenities.”
Located steps away from Grand Central Terminal, 100 Park Avenue
is a 36-story, 834,000-square-foot office tower in Midtown
Manhattan. The building boasts a newly renovated amenity center on
the second floor, offering a state-of-the-art lounge, golf
simulator, game room, personal training studio, and conference
rooms. Other major tenants at the building include AlphaSights,
Parametric Portfolio Associates, and ABN AMRO, as well as retail
tenants Valley National Bank, Chop’t and Kona Coffee.
About SL Green Realty Corp.SL Green Realty
Corp., Manhattan’s largest office landlord, is a fully integrated
real estate investment trust, or REIT, that is focused primarily on
acquiring, managing and maximizing the value of Manhattan
commercial properties. As of September 30, 2024, SL Green held
interests in 55 buildings totaling 31.8 million square feet. This
included ownership interests in 28.1 million square feet of
Manhattan buildings and 2.8 million square feet securing debt and
preferred equity investments.
Forward Looking StatementThis press release
includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and are intended to be
covered by the safe harbor provisions thereof. All statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that we
expect, believe or anticipate will or may occur in the future,
including such matters as future capital expenditures, dividends
and acquisitions (including the amount and nature thereof),
development trends of the real estate industry and the New York
metropolitan area markets, occupancy, business strategies,
expansion and growth of our operations and other similar matters,
are forward-looking statements. These forward-looking statements
are based on certain assumptions and analyses made by us in light
of our experience and our perception of historical trends, current
conditions, expected future developments and other factors we
believe are appropriate. Forward-looking statements are not
guarantees of future performance and actual results or developments
may differ materially, and we caution you not to place undue
reliance on such statements. Forward-looking statements are
generally identifiable by the use of the words "may," "will,"
"should," "expect," "anticipate," "estimate," "believe," "intend,"
"project," "continue," or the negative of these words, or other
similar words or terms.
Forward-looking statements contained in this press release are
subject to a number of risks and uncertainties, many of which are
beyond our control, that may cause our actual results, performance
or achievements to be materially different from future results,
performance or achievements expressed or implied by forward-looking
statements made by us. Factors and risks to our business that could
cause actual results to differ from those contained in the
forward-looking statements include risks and uncertainties
described in our filings with the Securities and Exchange
Commission. Except to the extent required by law, we undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of future events, new information
or otherwise.
Press Contactslgreen@berlinrosen.com
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