What Did SL Green Lease Today?

Two midtown lease deals announced today by SL Green Realty Corp:

 

1) 724 Fifth Avenue, a renewal by Prada for its flagship store through 2028, according to the company’s press release, which says  the retailer has four levels of retail space totaling 15,540 square feet and another 5,200 square feet of office space on the building’s fifth floor.

The building was acquired early last year by the REIT in a joint venture with Jeff Sutton; the partners own interests in four other prime Fifth Avenue locations.

Prada’s lease didn’t expire for another four years, but it signed onto an early renewal presumably to lock into the hot Fifth Avenue retail leasing corridor. In a press release statement, SL Green Senior Vice President Brett Herschenfeld, said, "This early renewal is another great example of the power of the SL Green/Jeff Sutton partnership. Our collaboration controls some of the greatest and highest-grossing retail spaces in the world, with a tenant roster to match."

2) SL Green also announced today that Infor, a business application software provider, had signed a long-term expansion lease more than doubling its size at 635-641 Avenue of the Americas. The release says that the expansion of 49,246 square feet covers 47% of the 635 building and increases its commitment at the combined buildings to 92,246 square feet.

The two buildings are between 19th-20th Sts. on Sixth Avenue.  The buildings were formerly a department store when they were constructed in 1902, the release says, and now SL Green is recombining them years after they had been split and operated separately.  

The so-called Midtown South/Silicon Alley area, SL Green proclaims, “is the tightest market of any Central Business District in the nation."

The press release lists the personnel and companies in on the SL Green-Infor deal: “Cushman and Wakefield, led by Bruce Mosler, Chairman of Global Brokerage, Mark Mandell, Senior Director, Doron Etzioni and Ethan Silverstein, Director represented Infor in the transaction, while Jones Lang LaSalle's Paul Glickman, Diana Biasotti, Benjamin Bass and Jonathan Fanuzzi represented SL Green.”

 

 

 

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