SL Green Realty Corp. Secures Major Lease with Bloomberg, L.P.
SL Green Realty Corp. (NYSE: SLG), the leading office landlord in Manhattan, recently announced an exciting milestone in its leasing activities. The company has signed a substantial renewal and expansion lease with Bloomberg, L.P. at 919 Third Avenue, encompassing nearly 925,000 square feet of prime office space. This deal represents a significant commitment and further solidifies SL Green's position in the competitive New York City real estate market.
Details of the Expansion Lease
The agreement includes a remarkable 749,035-square-foot lease extension set to commence in March 2029, allowing Bloomberg to continue its operations across multiple floors from 2 to 18, as well as 28 to 33. Furthermore, as a part of this strategic expansion, Bloomberg will extend its presence with an additional 175,841 square feet, which includes a long-term lease covering parts of the 34th floor along with the entirety of the 35th floor and the 41st to 44th floors.
SL Green's Strong Leasing Momentum
This significant lease reflects SL Green's impressive leasing momentum throughout the current year. As of now, the company has executed 150 Manhattan office leases totaling an astonishing 2,795,746 square feet in 2024 alone. In addition, they are maintaining a robust office leasing pipeline estimated at about 1.1 million square feet. With the ongoing trends, SL Green anticipates signing over 3.3 million square feet in leases and is optimistic about increasing the Manhattan same-store office occupancy to 92.5% by the year's end.
Commentary from SL Green Leadership
Steven Durels, Executive Vice President and Director of Leasing and Real Property at SL Green, expressed enthusiasm about maintaining a strong relationship with Bloomberg. He stated, “We’re proud to continue our long-standing relationship with Bloomberg, and excited to assist with their ongoing New York City expansion. Overall leasing velocity continues to increase as tenants prioritize their preference for well-located, upgraded and amenitized buildings.”
About the Iconic 919 Third Avenue Building
Designed by the prestigious architectural firm Skidmore, Owings & Merrill, 919 Third Avenue stands as a 1.5 million-square-foot, 47-story office tower that boasts modern amenities and a refreshed atmosphere thanks to a recent comprehensive renovation of its lobby, entrances, and elevator cabs.
SL Green's Real Estate Strategy
As Manhattan's largest office landlord, SL Green Realty Corp. focuses on acquiring, managing, and enhancing its commercial properties throughout the city. As of the end of September 2024, the company maintains interests in 55 buildings, amounting to 31.8 million square feet, with ownership stakes in 28.1 million square feet of Manhattan properties and 2.8 million square feet secured through various debt and investment activities. This diverse portfolio positions SL Green optimally within the dynamic real estate market of New York City.
Frequently Asked Questions
What recent lease has SL Green signed?
SL Green Realty Corp. has signed a renewal and expansion lease totaling approximately 925,000 square feet with Bloomberg, L.P. at 919 Third Avenue.
How large is the renewal lease extension for Bloomberg?
The renewal lease extension for Bloomberg includes 749,035 square feet and will begin in March 2029.
What is SL Green's leasing momentum for 2024?
In 2024, SL Green has already signed 150 leases totaling 2,795,746 square feet, with expectations to exceed 3.3 million square feet by the end of the year.
Who designed the 919 Third Avenue building?
The building was designed by the renowned architectural firm Skidmore, Owings & Merrill.
How does SL Green aim to enhance its properties?
SL Green focuses on acquiring and managing commercial properties while continuously upgrading and maximizing their value, particularly in the Manhattan market.
