SL Green Realty, NYC's largest office landlord, has opened 2023 with a burst of leasing activity in January encompassing more than 343K SF of space—and the month doesn't end until Tuesday.
The two biggest deals inked so far by SL Green involve flagship tenants at 555 West 57th Street: CBS Broadcasting signed a five-year renewal covering 187K SF at 555 West 57th Street and Greater New York Hospital Association signed a 10-year renewal covering 58K SF.
TD Securities signed an 11-year expansion lease covering the entire 23rd floor at 125 Park Avenue. The 25K SF lease increases TD Securities' total occupancy within the SL Green portfolio to more than 247K SF.
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A new 15-year lease with alternative investment platform 777 Partners will take the entire 27th floor at One Madison Avenue, a redevelopment of a classic limestone building that is adding 500,000 SF of new, virtually column-free construction.
The lease is the latest in a flurry of deals that have pre-leased 56.6% of One Madison, which is scheduled to be completed before the end of 2023. Previously announced leases are for tenants including Franklin Templeton, IBM and Chelsea Piers Fitness—which will operate a fitness center in the building.
In a statement, SL Green said the flurry of leases "reaffirm the growing corporate sentiment that there is no substitute for the importance of in-office occupancy to support employee collaboration and company culture."
If your company culture thrives on five-star amenities, there will be no substitute for the reborn building at One Madison:
The tower will include a 13K SF "stylish French steakhouse" operated by Michelin superstar Chef Daniel Boulud, who previously operated Daniel, perennially the highest-rated restaurant in NYC; One Madison also will feature a French-inspired artisanal marketplace operated by Boulud as well.
After tenants sample the fillet mignon grilled with foie gras and truffles (okay, we made that up, but it sounds really tasty, doesn't it?) , cognac will be served in a 7K SF tenant-exclusive lounge, where you can jump on an express elevator that takes you directly to an 11K SF rooftop space featuring what SL Green is calling a "spectacular" event space and lushly landscaped patio.
While it tallies up its successes with the One Madison project, SL Green has its eyes on an even bigger prize, one that also will involve a building redevelopment—a prize the company is hoping to win in the most lucrative real estate poker game in the recent history of NYC.
SL Green and gaming giant Caesars Entertainment have partnered on a bid for one of three NYC-area casino licenses that will be award by NY's state gaming board in a bidding contest that requires an ante of at least $1B. The partners are proposing to redevelop 1515 Broadway in Times Square into a casino-hotel.
In addition to the Caesars Palace Times Square, as the gaming palace will be known, the building also will be designed to include a Broadway theater that will be home to The Lion King, the Tony Award-winning musical that opened in 1994 and has been one of the most popular attractions on Broadway ever since.
The developer also has pledged to invest in "significant security and traffic improvements" in Times Square if its casino bid hits the jackpot.
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