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SL Green Leases Out Five Floors at Manhattan's 485 Lexington

By Adam Perrotta,
News Writer

October 9, 2006

SL Green Realty Corp. has signed three new leases at 485 Lexington Avenue in New York City. The three agreements total 68,377 square feet of Class A office space in the 32-story, 926,122-square-foot building (pictured), increasing the occupancy rate to 83 percent following SL Green's $20 million renovation of the property.

The leases are as follows: Global Realty Outsourcing Inc. signed a 10-year lease covering 13,827 square feet--the entirety of the building's 25th floor; Novantas L.L.C. agreed to a 10-year lease for the 20th through 22nd floors, or 41,147 of overall square feet; finally, Gregory P. Joseph Law Offices L.L.C. inked a 10-year, 13,703-square-foot lease for the entire 30th floor of the tower.

Prominent tenants currently located in the building include Citigroup, Omnicom (the world's largest advertising company), St. Paul Travelers insurance and Fairchild Publications. Since acquiring 485 Lexington in 2004, SL Green completed a $20 million renovation to the building. Improvements include the replacement of 4,000 windows, upgrades of electric and HVAC systems, new lobby and storefronts and an extensive re-branding program.

SL Green executive vice president and director of leasing Steven Durels highlighted the renovation as being a major asset in attracting tenants to the building. "(The renovation was) critical," Durels remarked to CPN. "The building aesthetics were dated; however, the infrastructure was in very good shape." In addition, he pointed to the property's advantageous location near Grand Central Terminal--between 46th and 47th Streets--as another drawing point, as well as "large base floor plates of 50,000 down to 27,000 rentable square feet," and "smaller tower floors of 14,000 square feet with excellent views (that) are ideal for smaller, high profile tenants."

Management consulting firm Novantas, which relocated to 485 Lexington from SL Green's 100 Park Avenue, expanded its footprint by 10,569 square feet. Cushman & Wakefield Inc.'s Jonathan Serko and Mitchell Barnett represented Novantas in the lease negotiations.

M. Myers Mermel of TenantWise represented Gregory P. Joseph Law Offices L.L.C. in its lease agreement.

Durels said that 485 Lexington currently has leases pending on three floors, and that there was "strong activity on the balance of the available space."

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