SL Green Brings Alvarez and Marsal to 100 Park Avenue

SL Green leased 220,000 square feet at 100 Park Avenue in Midtown Manhattan to business consulting firm Alvarez & Marsal, the Commercial Observer reported, in another boost for the Manhattan office market. The deal was first reported in Colliers’ monthly office report.

Asking rent and length were not disclosed and SL Green declined comment, while the tenant did not immediately return the Observer’s request for comment.

In the third quarter, the average asking rent in Midtown was $80.50 per square foot, according to Newmark.

A Cushman & Wakefield team including Harry Blair and Tara Stacom represented the landlord, while Cushman’s David Dusek represented the tenant.

Other office tenants at 100 Park include construction engineering company AECOM and information services firm AlphaSights, while Chopt and Valley Bank occupy the property’s retail space. AECOM renewed its lease in 2022, but reduced its footprint from 108,000 square feet to only 45,000 square feet.

At the start of 2021, SL Green secured $360 million from Aareal Capital Corporation to refinance the 36-story, 903,000-square-foot office tower.

Alvarez is in expansion mode in New York City. The firm’s real estate advisory arm leased nearly 11,000 square feet at Feil Organization’s 488 Madison Avenue in the spring.

Manhattan’s office market is riding a rising wave. Last month, the borough surpassed 30 million square feet in leases for the year, the first time that threshold has been hit since before the start of the pandemic, according to Colliers. November’s leasing activity was also more than 25 percent above the ten-year monthly average.

The availability rate, meanwhile, tightened to 16.7 percent, Manhattan’s lowest rate since September 2022. Manhattan’s sublet supply was at 18.3 million square feet, the lowest level since January 2022. — Holden Walter-Warner