SL Green Announces Transactions at 100 Park Avenue
NEW YORK, Dec. 09, 2024 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan's largest office landlord, today announced a series of transactions at 100 Park Avenue, including a new 220,221 square-foot lease with global professional services firm, Alvarez & Marsal Holdings, LLC, a modification that extends and upsizes the existing $360.0 million mortgage, and the signing of a purchase option agreement to acquire its partner’s 49.9% interest in the property.
Alvarez & Marsal Holdings, LLC signed a new 15-year lease for 220,221 square feet covering floors 3, 4 and 7-9, which brings the building’s leased occupancy to 95.8%. The tenant was represented by David Dusek of Cushman & Wakefield, while the Landlord was represented by Harry Blair, Tara Stacom, Barry Zeller, Justin Royce and Pierce Hance of Cushman & Wakefield.
The Company also modified the building’s existing $360.0 million mortgage. The modification extended the final maturity date to December 2027 and maintained the interest rate at 2.25% over Term SOFR. In addition, the lenders provided a new $70.0 million future funding facility to support leasing costs at the property. SL Green was advised by Adam Spies and Doug Harmon of Newmark and the lenders were advised by Doug Middleton of CBRE.
“Today’s announcements are further examples of SL Green’s ability to amenitize and stabilize well-located Midtown Manhattan assets and execute loan modifications that extend our maturity profile while keeping rates unchanged,” said Harrison Sitomer, Chief Investment Officer, SL Green. “With our investment, 100 Park offers the convenience of a classic headquarters building steps from Grand Central combined with a set of all-new, ultra-modern spaces and amenities.”
Located steps away from Grand Central Terminal, 100 Park Avenue is a 36-story, 834,000-square-foot office tower in Midtown Manhattan. The building boasts a newly renovated amenity center on the second floor, offering a state-of-the-art lounge, golf simulator, game room, personal training studio, and conference rooms. Other major tenants at the building include AlphaSights, Parametric Portfolio Associates, and ABN AMRO, as well as retail tenants Valley National Bank, Chop’t and Kona Coffee.
About SL Green Realty Corp.
SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of September 30, 2024, SL Green held interests in 55 buildings totaling 31.8 million square feet. This included ownership interests in 28.1 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.
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