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SL Green Signs Three Big New Clients to Office Leases

125 Park Avenue

SL Green signed a number of major new leases this week in Manhattan, including two 15-year lease transactions totaling approximately 191, 000 square feet at 125 Park Avenue, the 26-story, 572, 705-square-foot building located directly across from Grand Central Terminal were made.

Newmark Grubb Knight Frank, a long-term tenant at 125 Park, has renewed 101, 838 square feet of existing space and expanded by 31, 377 square feet. Continuing as the building’s largest tenant, Newmark now occupies a total of 133, 215 square feet.

In addition, Toronto, Canada based TD Bank signed a new 15-year lease covering 51, 707 square feet of office space together with a separate lease covering 6, 234 square feet of ground floor retail space for a new bank branch. Recently TD Bank signed a long-term lease for approximately 200, 000 square feet to become the office and retail anchor tenant at One Vanderbilt Avenue where SL Green is proposing to construct a new, state-of-the-art, 1.6 million square foot office tower.

“Leasing momentum has been exceedingly strong this year, ” noted Steven Durels, executive vice president, director of leasing and real property for SL Green, who added, “125 Park is particularly active because of its unrivaled convenience with immediate access to multiple transportation options.”

The firm also signed leases totaling 71, 547 square feet with three separate world-class, national retailers in three of Manhattan’s most sought-after submarkets—Times Square, The Plaza District and Chelsea.

“We are pleased to attract such prestigious, well-known retail anchors in these three strategically-located properties, ” said Brett Herschenfeld, managing director of SL Green Retail. Mr. Herschenfeld continued, “Our retail portfolio continues to be a meaningful source of growth for the company.”

Equinox, one of the nation’s global leaders in holistic fitness centers, has signed a 25-year, 32, 000-square-foot four-level lease for a portion of the retail component of 10 East 53rd Street. Situated in New York’s opulent Plaza District, the Club is scheduled to open in 2016 and will provide a wonderful amenity to SL Green’s newly redeveloped building.

Lowe’s Home Improvement, a Fortune 100 home improvement company with more than 1, 835 locations nationwide, has signed a 15-year lease for a Chelsea flagship store comprised of 36, 000 square feet on multi-levels at 635-641 Sixth Avenue in Chelsea.

Skechers USA, a leader in high performance, lifestyle footwear, which designs develops and markets more than 3, 000 styles, has committed to a 3, 519-square-foot 10-year lease at the iconic 1515 Broadway in the heart of Times Square.

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