Activity boom means rent uptick for SL Green

TRD New York /
Mar.March 29, 2010 02:55 PM

If some commercial real estate experts are feeling optimistic, then SL Green Realty might be downright giddy. The landlord said that it’s seeing an uptick in leasing activity — and it plans to take advantage of the newly favorable scenario by raising taking rents on its upscale properties by as much as 7 percent, according to Crain’s. Steven Durels, executive vice president with SL Green, said that the company’s premium properties are getting more attention for the first time in a long while. “We are getting a lot of offers on our better spaces,” Durels said. “That hasn’t happened in over a year.” While the taking rent uptick will affect just 30 percent of the landlord’s 25-million-square-foot, 30-building portfolio, the policy change will apply to some of the company’s most high-profile properties, including the top floors of 810 Seventh Avenue and the tower floors of 100 Park Avenue. SL Green says it has the clients to back up its changes — while the first half of 2009 had been dismal for the landlord, the last two quarters of the year resulted in a 56 percent surge in leasing activity over the beginning of the year.


Related Articles

arrow_forward_ios
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)

SL Green puts Daily News building up for sale

SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt

SL Green snags private-equity firm at One Vanderbilt

SL Green snags private-equity firm at One Vanderbilt
SL Green’s locks in big bank lease at Hudson Yards redevelopment site

SL Green’s locks in big bank lease at
Hudson Yards redevelopment site

SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
902 Drew Street and 400 East 58th Street (Google Maps)

New York’s multifamily sales improve in Q3

New York’s multifamily sales improve in Q3
SL Green CEO Marc Holliday with 410 Tenth Avenue, One Vanderbilt and 126 Nassau Street (SL Green, Google Maps, Wikimedia, iStock)

SL Green’s lament: Office comeback “always right around the corner”

SL Green’s lament: Office comeback “always right around the corner”
Four New York Plaza (Photo via Hines)

Four New York Plaza office tower hits the market

Four New York Plaza office tower hits the market
SL Green CEO Marc Holiday and 420 Lexington Avenue with Scabby the Rat (Getty; Google; SL Green)

Peace prevails: SL Green, Local 79 settle dispute over protests

Peace prevails: SL Green, Local 79 settle dispute over protests
SL Green CEO Marc Holiday and 420 Lexington Avenue with Scabby the Rat (Getty; Google; Sl Green)

SL Green claims “saliva-spewing” picketers may be spreading Covid

SL Green claims “saliva-spewing” picketers may be spreading Covid
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...