From left: SL Green CEO Marc Holliday, SL Green President Andrew Mathias, Extell President Gary Barnett and Governor Andrew Cuomo
The leaders of the city’s largest office landlord, SL Green, ranked at the top of a list of the most powerful people in New York City real estate compiled by the New York Observer. The ranking was based on “access and influence,” or the ability to influence the outcome of potential projects and access people who can help push an agenda forward. [more]
From left: 1515 Broadway, SL Green CEO Marc Holliday and the CBRE Group team of Michael Laginestra, Scott Gottlieb, Andrew Sussman and Ramneek Rikhy
SL Green said it renewed the 1.4 million-square-foot lease for Viacom’s headquarters at 1515 Broadway through 2031, and Viacom will expand the space to 1.6 million square feet, making it the biggest lease in New York City history that didn’t involve a sale-leaseback transaction. Viacom, which has anchored the Times Square office building for more than 20 years, will expand into the larger space after the year 2020. Viacom had been the subject of speculation for several years over whether it would move. [more]
From top: SL Green CEO Marc Holliday, Douglas Harmon and Adam Spies of Eastdil Secured and 521 Fifth Avenue (right)
Fourteen months after acquiring the remaining stake in 521 Fifth Avenue, SL Green Realty has tapped Eastdil Secured brokers to shop a large portion of the building for nearly $700 per square foot.
The New York Post reported that Eastdil’s Douglas Harmon and Adam Spies are marketing a 49 percent to 80 percent stake in the 510,000-square-foot tower at the corner of East 43rd Street. SL Green acquired the remaining 49.9 percent interest in the 39-story office tower last January from City Investment Fund, with whom it purchased the building in 2006. SL Green said at the time the deal valued the building at $245.7 million. [more]
From left: Investor Jeff Sutton, Stonehenge Partners co-founder and managing member Ofer Yardeni, SL Green CEO Marc Holliday, and 752 Madison Avenue
Commercial landlord SL Green Realty has partnered with residential property owner Stonehenge Partners to pay some $32 million for four contiguous properties on the Upper East Side, sources told The Real Deal.
Retail investor Jeff Sutton is also expected to take an ownership stake at the site, located at the high-profile corner of 65th Street and Madison Avenue, where fashion retailer Giorgio Armani recently opened a rehabilitated space. [more]
SL Green's Andrew Mathias and 10 East 53rd Street
SL Green has closed on its acquisition of a 37-story, 390,000-square-foot Midtown office building at 10 East 53rd Street for $252.5 million, or approximately $647 per square foot, the company announced today, and has sold a 45 percent interest in the building to Canada Pension Plan Investment Board.
New York Commercial Bank is providing a $125 million floating-rate mortgage for the building, while Canada Pension Plan paid an equity investment of $57.4 million before closing costs, SL Green said. [more]
From left: SL Green CEO Marc Holliday, Ofer Yardeni , co-founder of Stonehenge Partners, investor Jeff Sutton and 1026 First Avenue
The first closed sale related to SL Green Realty, Stonehenge Partners and investor Jeff Sutton’s purchase of the David Frankel Realty property portfolio last month, has hit public records.
The sale of the 290,480-square-foot residential rental tower at 1026 First Avenue was recorded for $109 million today; it makes up over a quarter of the total $416 million spent on the portfolio, which also includes properties at 724 Fifth Avenue, 752 Madison Avenue, 19 East 65th Street, 21 East 65th Street, 762 Madison Avenue, 44 West 55th Street and 400 East 58th Street. The sale of all the properties closed Jan. 31. [more]
Steven Durels, SL Green's leasing director, overlooking Columbus Circle last month
From the January issue: The announcement early last month that advertising giant Young & Rubicam had signed for nearly 340,000 square feet of office space at 3 Columbus Circle, the former Newsweek Building, was a much-needed boost for the closely watched tower.
The 26-story, 768,565-square-foot tower was, of course, famously at the center of a battle in 2010 between developer Joseph Moinian and the Related Companies’ Stephen Ross. After Moinian defaulted, Ross attempted to wrest control of the building from him by buying the note and having his partner file to foreclose. However, powerhouse landlord SL Green Realty stepped in as Moinian’s savior and paid off the mortgage to squelch the foreclosure. Moinian and SL Green, which is headed by Marc Holliday, successfully finished a $175 million renovation — which included doubling the size of the lobby and cladding the exterior in glass — in the early fall. [more]
From top left: SL Green President Andrew Mathias, Darcy Stacom and Bill Shanahan, vice chairmen of CBRE; at right: 10 East 53rd Street
SL Green Realty agreed to purchase the HarperCollins Building from Hines Interests for $252.5 million, the firm announced in a press release yesterday. An unnamed partner joined SL Green in the acquisition of the 390,000-square-foot office tower at 10 East 53rd Street, between Madison and Fifth avenues, and will hold a 55 percent stake in the property.
Darcy Stacom and Bill Shanahan, vice chairmen of CBRE Group, represented Hines in the transaction, which earlier reports estimated would be worth $242 million. Hines purchased the property for $58.3 million in 1993. [more]
From left: Mark Weiss, vice chairman of Newmark Knight Frank, 1290 Sixth Avenue and 14 East 103rd Street (credit: PropertyShark)Buoyed by an aging population, new government initiatives and, in some cases, the struggling economy, health care industry real estate activity in the city has doubled over the last year, according to the New York Times.
This year there have been 42 new leases and renewals totaling more than 1.2 million square feet, according to Cushman & Wakefield, compared to 25 transactions and 550,700 square feet in 2010, and 16 deals for 176,311 square feet in 2009.
Many of these deals, including ColumbiaDoctors’ 25-year lease for 120,000 square feet at 1290 Sixth Avenue, with rights of first offer for additional space, were spurred by an expected increase in demand stemming from President Barack Obama’s health care overhaul, the Times said. [more]
SL Green Realty has secured an $86 million senior mortgage loan for Landmark Square, an 826,000-square-foot mixed-use property in Stamford, Conn., Cushman & Wakefield Sonnenblick Goldman, which served as SL Green’s advisor on the deal, said today.
The five-year fixed-rate financing was provided by AIG Asset Management on behalf of a wholly owned life insurance subsidiary of American International Group, Cushman said.
Landmark Square sits on a 7.16-acre campus in the heart of Stamford’s Central Business District, and is comprised of seven buildings, including a nine-screen movie theater. — Katherine Clarke [more]
