New York Post

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"This lease raises office occupancy at the building to over81%," says Steven Durels, EVP and director of leasing and realproperty for SL Green, in a release. "It's a tremendousaccomplishment given that the building was scheduled to be 100%vacant only five months ago."

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According to the Post, SL Green structured the lease to help theMTA benefit from a state law that exempts governmental agenciesfrom real estate taxes under certain circumstances. "We created thebuilding into two condo units," Durels told the Post. "Theone dedicated to the MTA has its own tax lot, and it will save themabout $5.50 a foot on annual real estate taxes," approximately $6.2million over the course of the lease.

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The 349,000-square-foot property is located between Eighth andNinth avenues, near by Penn Station. The Segal Co. recently movedinto 156,000 square feet of office space on floors two throughfive.

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Josh Kuriloff and Rob Lowe of Cushman & Wakefieldrepresented the MTA, while SL Green was represented in-house byDurels along with C&W's Paul Glickman, Tara Stacom, MittiLiebersohn, Doug Dolgoff and Diana Biasotti. Asking rents for thespace are $42 per square foot.

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Last month, SL Green completed a $4.5-million lobby andstorefront redevelopment at 333 W. 34th. It acquired the 10-storyproperty for $184 million in 2007. The renovation includes thecreation of a 21,000-square-foot retail space on the ground floor."Our goal was to radically change one's first impression of thebuilding, and to elevate its profile along the 34th Streetcorridor," says EVP Edward Piccinich in a release.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.