Signs Robert Half International, Inc. to New Lease at 125 Park Avenue
Expands WPP’s Young & Rubicam Group at 3 Columbus Circle
NEW YORK--(BUSINESS WIRE)-- SL Green Realty Corp. (NYSE: SLG) announced today that Robert Half International, Inc. has signed a new 38,026 square foot, 11 year, lease at 125 Park Avenue, covering the entire fourth and part of the third floors.
Robert Half International, the world's largest specialized staffing firm, is a recognized leader in professional consulting and staffing services.
125 Park Avenue, strategically located directly across 42nd Street from New York City’s Grand Central Terminal, is a classically ornate, fully modernized 654,852-square-foot office building.
“This lease, together with a recently signed new lease with Emerge212 covering 30,679 square feet, improves leasing to 83.6%,” said Steven Durels, SL Green’s Director of Leasing and Real Property, adding “these two transactions covering a total of 68,705 square feet at 125 Park Avenue were both signed within the past 30 days.”
The Company also announced today that WPP’s Young & Rubicam, Inc. (Y&R) has signed a lease for an additional 34,634 square feet at 3 Columbus Circle, a 26-story, 768,565 square foot property. The new 20-year lease covering the entire 11th floor is co-terminus with Y&R’s existing lease and increases its total commitment at 3 Columbus Circle to 373,766 square feet on 11 full floors.
“We are delighted to assist in Y&R’s rapid space expansion,” said Mr. Durels, who added “after recently completing a comprehensive redevelopment and repositioning of 3 Columbus Circle, we’re pleased that the office portion of the building is now at 73.6% leased as compared to an office occupancy of 17.2% at the time that SL Green took control of the building and commenced our repositioning plan in 2011.”
For the lease transaction with Robert Half International at 125 Park Avenue, Hal Stein and Neil Goldmacher of Newmark Grubb Knight Frank represented the tenant and SL Green was represented by Brian Waterman, David Falk, Daniel Levine, Peter Shimkin and Jonathan Tootell of Newmark Grubb Knight Frank.
CBRE’s Mary Ann Tighe and Gregory Tosko represented Y&R at 3 Columbus Circle, while Newmark Knight Frank’s Brian Waterman, Scott Klau and James Kuhn acted on behalf of SL Green.
About SL Green Realty Corp.
SL Green Realty Corp., New York City's largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2012, SL Green owned interests in 77 Manhattan properties totaling 39.3 million square feet. This included ownership interests in 27.5 million square feet of commercial properties and debt and preferred equity investments secured by 11.8 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests in 31 suburban assets totaling 5.4 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey, along with four development properties in the suburbs encompassing approximately 0.5 million square feet. The Company also has ownership interests in 31 properties totaling 4.5 million square feet in southern California.
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SL Green Realty Corp.
Steven Durels, Exec VP,
Director of Leasing and Real Property
Director, Investor Relations
Source: SL Green Realty Corp.