SL Green Kicks Off Q2 With 12 Signed Office Leases
Tenants are re-assessing per employee space allocations with an eye toward de-densifying and providing more space per employee, says the REIT’s Steven Durels.
NEW YORK—Although leasing has been slower than normal due to the coronavirus pandemic, Manhattan’s largest office landlord said real estate activity would continue into 2020.
SL Green leased out more than 107,000 square feet of office space in the first few weeks of Q2.
SL Green Realty Corp said it signed 12 office leases, accounting for 107,325 square feet of office space, in the first three weeks of Q2. The deals include 34,013 square feet at One Vanderbilt Ave., which brings the new Midtown skyscraper to 67% leased.
“2020 leasing activity continues albeit at a slower pace in the current environment,” said Steven Durels, executive vice president and director of leasing and real property at SL Green, in prepared remarks. “Tenants are re-assessing per employee space allocations with an eye toward de-densifying and providing more space per employee.”
As of Thursday, SL Green has leased 423,479 square feet in 2020. This includes a new lease of 10,165 square feet at One Vanderbilt Avenue, for private equity firms InTandem Capital Partners and Sagewind Capital LLC; a 23,848 square foot lease expansion for alternative investment firm Oak Hill Advisors, bringing its total footprint to 69,802 square feet in One Vanderbilt Avenue; a 27,825 square foot renewal lease for HQ Global Workplaces LLC at 100 Park Avenue; and a 23,362 square foot renewal lease for Sentry Center 810 Seventh LLC at 810 Seventh Avenue.