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New York
Topping the list of several SL Green transactions announced today:NYC has leased 132k SF at 100 Church St. That's in addition to a 373k SF renewal signed just four months ago. The City now leases 504k SF in the 1M SF repositioned building.
100 Church St
CBRE's John Morrill and Mike Geoghegan, who repped NYC, told us this morning that SL Green and the City started talking about both deals, the renewal and the expansion, at the beginning of '11. The Law Department was the agency behind the renewal, and various other City agencies will fill in the expansion space. 100 Church had been 56% vacant for five years before SL Green bought it in 2010, and it's now 97% leased to tenants including Niche Media, Interactive Data Corp, Centerline Capital, and New York State (setting up epic State v. City paper football battles in the cafeteria). It's good news for the $230M loan SL Green took out on the property in July. Newmark Grubb Knight Frank’s Brian Waterman, Jimmy Kuhn, and Lance Korman repped SL Green, and Shearman & Sterling's Peter Strauss and Christopher Smith were its lawyers. NYC's Caroline Silk was the in-house lawyer for the renewal, and her colleague Martin Linda worked on the expansion. John says NYC assistant commissioner for acquisitions and leasing Jeff Kondrat also played a big role.
521 Fifth Ave
SL Green also announced today that it's selling almost half of 521 Fifth Ave to Plaza Global Real Estate Partners, a Quantum Global Real Estate and LaSalle Investment Management JV, for $72M. The deal is expected to close this year, and then SL Green plans to refi the existing $150M mortgage with a $170M one. All this wheeling and dealing will free up $86M to go spend on other things (perhaps a gift card to Sur La Table). But wait, there's more. SL Green reached an agreement with 673 First Avenue Associates to extend SL Green's ground lease there for another 50 years. Alterra USA Holdings leased 27k in SL Green's 1185 Ave of the Americas, a pretty big expansion from its 5,000 SF in SL Green's 1350 Ave of the Americas. Robert Half International signed 38k SF at SL green's 125 Park Ave. And WPP's Young & Rubicam took 35k at 3 Columbus Circle.
Jason Pizer
Others were in on the action, too. Trinity Real Estate has signed Medidata Solutions to a 10-year, 99k SF lease at 350 Hudson (Tory Burch signed 80k there in May). The cloud-based clinical trial tech firm (we're not sure what that means, but we're pretty sure Steven Spielberg's already licensed the movie rights) will take the seventh through ninth floors, and Trinity prez Jason Pizer told us in September that the deal he was working on for that space was for $50/SF and later $54/SF. He also told us this deal would bring Trinity's portfolio to 98% leased. Trinity's Marc Packman and Charles Laginestra worked on the deal, and JLL's Lisa Kiell repped Medidata.