The Real Deal New York

SL Green signs tenants to 68K sf at 485 Lex

Columbia Management and Ankura signed leases in Q4
By Christian Bautista | January 25, 2018 04:10PM

Marc Holliday and 485 Lexington Avenue

Investment manager Columbia Management and business advisory firm Ankura Consulting Group signed 68,225 square feet in lease deals at SL Green’s Grand Central Square, according to a filing with the U.S. Securities and Exchange Commission.

The larger transaction involved Columbia Management, which signed an 11-year, 38,651-square-foot lease. The firm is based in Boston but has an office at 100 Park Avenue. Atlanta-based Ankura, meanwhile, signed a nearly 16-year, 29,574-square-foot deal. The firm’s New York City office is located at 750 Third Avenue, which is also owned by SL Green.

The REIT did not immediately respond to a request for comment.

Grand Central Square, located at 485 Lexington Avenue between East 46th and 47th Street, is a 32-story office tower that spans a full block along Lexington Avenue. Tenants in the building include insurance firm the Travelers Companies, private equity firm Tailwind Capital and Memorial Sloan Kettering Cancer Center.

For the fourth quarter, SL Green reported that revenues dropped 3.4 percent to $361.3 million. The firm signed 191 office leases in Manhattan totaling 1.47 million square feet in 2017. The total was below the company’s target of 1.6 million square feet. Out of the total number of deals, 138 were considered replacement leases and had an average asking price of $72.97 per square foot. The price amounts to an 11.3 percent increase from the previous lease.