SL Green Office Leasing Volume Exceeds 1.4 Million Square Feet in 2024
Rhea-AI Summary
SL Green Realty Corp. (NYSE:SLG), Manhattan's largest office landlord, has announced significant leasing activity in 2024. The company signed leases totaling 420,513 square feet in Q2 and an additional 367,401 square feet in July, bringing the year-to-date total to 1,421,574 square feet. Notable leases include:
- Ares Management: 307,336 sq ft at 245 Park Avenue
- Elliot Management Corp: 149,437 sq ft at 280 Park Avenue
- Tradeweb Markets : 75,825 sq ft at 245 Park Avenue
- Golenbock Eiseman Assor Bell & Peskoe: 38,050 sq ft renewal at 711 Third Avenue
- Brightwood Capital Advisors: 17,320 sq ft renewal at 810 Seventh Avenue
SL Green maintains a pipeline of approximately 1.2 million square feet. The company notes that tenant demand is focused on upgraded, amenitized buildings near mass transit.
Positive
- Total office leases signed year-to-date reached 1,421,574 square feet
- Signed leases totaling 420,513 square feet during Q2 2024
- Additional 367,401 square feet of leases signed in July 2024
- Maintains a pipeline of approximately 1.2 million square feet
- Secured long-term leases with major tenants (15-year lease with Ares Management, 12-year lease with Elliot Management Corp)
Negative
- None.
News Market Reaction – SLG
In the trading session that priced this news, SLG declined 1.43%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, July 17, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office landlord, today announced that it signed leases totaling 420,513 square feet during the second quarter of 2024 and leases totaling an additional 367,401 square feet in July to date. This increases the total office leases signed year-to-date to 1,421,574 square feet, while maintaining a pipeline of approximately 1.2 million square feet.
Notable leases signed since the first quarter include:
- Ares Management, a leading global investment manager, signed a 15-year, 307,336 square foot lease covering floors 37-44 at 245 Park Avenue, which included a 175,587 square foot renewal and 131,749 square feet of expansion space. Chris Corrinet, Lewis Miller, Michael Geohegan, Munish Viralam and Cara Chayet of CBRE represented the tenant. Patrick Murphy, Bruce Mosler, Tara Stacom, Harry Blair, Ron LoRusso, Justin Royce, Pierce Hance and Will Yeatman of Cushman & Wakefield represented the landlord.
- Elliot Management Corp, one of the oldest fund managers with over
$65 billion in assets, signed a new 12-year, 149,437 square foot lease at 280 Park Avenue. Neil Goldmacher, Chris Mongeluzzo and Eric Zemachson of Newmark represented Elliot. Mary Ann Tighe, Peter Turchin, Gregg Rothkin, Jason Pollen and Hannah Gerard of CBRE represented the landlord.
- Tradeweb Markets LLC, a leading global operator of electronic marketplaces for rates, credit, equities and money markets, signed a new 15-year, 75,825 square foot lease covering floors 29 and 30 at 245 Park Avenue. David Kleiner, Michael Berg, Will McGarry and Finley Burger of Jones Lang LaSalle represented Tradeweb. Patrick Murphy, Bruce Mosler, Tara Stacom, Harry Blair, Ron LoRusso, Justin Royce, Pierce Hance and Will Yeatman of Cushman Wakefield represented the landlord.
- Golenbock Eiseman Assor Bell & Peskoe, a multi-practice law firm, signed an 8-year, 38,050 square foot renewal lease covering floors 16 and 17 at 711 Third Avenue. Rob Silver and Scott Brown of Newmark represented the tenant.
- Brightwood Capital Advisors, a private-credit lender to small and midsize businesses, signed a 10-year, 17,320 square foot renewal lease covering the 26th floor at 810 Seventh Avenue. Jared Horowitz of Newmark represented Brightwood.
“Leasing momentum has maintained a healthy pace throughout the first half of the year with tenant demand focused on buildings that have been upgraded, amenitized and are located near mass transit, which is the hallmark of the SL Green portfolio,” said Steven Durels, Executive Vice President and Director of Leasing and Real Property at SL Green.
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 June 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 Statement
This 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, 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.
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