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Novantas Swaps SL Green Space

By John Salustri

October 9, 2006

NEW YORK CITY-The fruits of SL Green's rebranding labors at 485 Lexington Ave. are evident in the leasing activity taking place there. The firm has just signed management consultant Novantas to 41,147 sf in the asset.
The 10-year deal, which brings the tenant from Green's 100 Park Ave., is one of three newly minted leases that hike occupancy at 485 Lex to 83%. Steve Durels, Green's executive VP, drove the lease home. Jonathan Serko and Mitchell Barnett of Cushman & Wakefield Inc. spoke for the tenant.

The REIT acquired the property in mid-2004 in a JV with the City Investment Fund and rebranded the asset, along with neighboring Green possession 750 Third Ave., as Grand Central Square. It was one of three purchases that year totaling $778.5 million, according to its Q4 '04 performance statement. The other two properties were 750 Third Ave. and leasehold interests in 625 Madison Ave.

The rebranding came in tandem with a $20-million capital-improvement program that resulted in new mechanicals and windows and an upgraded lobby. The three new leases, says Durels, is a direct result of the asset's location and that upgrade program.

Rounding out the trio of lease deals is Global Realty Outsourcing's 10-year deal for 13,827 feet and a 13,703-sf lease with Gregory P. Joseph Law Offices Inc. M. Myers Mermel of TenantWise spoke for the law firm, which also took a 10-year stay.

Copyright 2006 ALM Properties, Inc. All rights reserved.


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