100 Park Ave. Gets 121,441-SF Tenant

BDO Seidman, a financial consulting and accounting firm, with 37 offices nationwide and a global network comprised of more than 626 international member firms, anchors the repositioning of the building, explains Steven Durels, executive vice president and director of leasing and real property for SL Green. The 825,815-sf tower is nearing completion of an extensive $72 million capital improvement program.

As GlobeSt.com reported, the redevelopment of the property, which is transformed from a class B, white brick office building, into a class A property, included a new soaring two-story atrium lobby, complete recladding of the facade featuring a glass curtain wall along Park Avenue, 2,000 new insulated windows, new elevator cabs and extensive infrastructure upgrades. Additionally, 100 Park Ave. is on schedule to be one of the first existing commercial buildings to receive a silver LEED designation in Manhattan.

"With a starting rent that is 82% above the previously escalated rent, this lease re-affirms continuing strong growth embedded in SL Green's portfolio of Manhattan office properties," says Gregory Hughes, CFO for SL Green, who also noted that the transaction included a short-term takeover of BDO's existing lease. An SL Green spokesperson tells GlobeSt.com that asking rent is $82 per sf, but they could not disclose taking rent or aggregate lease value of the lease.

BDO offices are currently located at 330 Madison Ave., the spokesperson says. When BDO Seidman takes occupancy in January 2009, it will join other firms located at 100 Park Ave. such as J&W Seligman & Co., Impala Asset Management, Sun Capital Advisors and Kreindler & Kreindler LLP. BDO Seidman did not return GlobeSt.com queries by deadline.

Howard Ecker of Howard Ecker & Co. represented BDO Seidman in the transaction, while Cushman & Wakefield's Paul Glickman, Tara Stacom, Mitti Liebersohn, Alexander Chudnoff, Diana Biasotti, and Jonathan Tootell acted on SL Green's behalf.

This transaction brings year-to-date leasing to more than one million sf throughout SL Green's Manhattan portfolio. "We continue to unlock value and complete a large volume of leasing transactions despite a difficult economic climate," Durels says in a prepared statement. SL Green is also currently underway with other redevelopment programs at three of its New York City buildings, namely 711 Third Ave., 810 Seventh Ave. and 16 Court St. in Brooklyn.