CPA Firm Moves Up Third Avenue

Landlord SL Green Realty Corp. will build out the entire 11th and 12th floors of the 34-story office tower in a turn-key installation for Marcum & Kliegman. In a release, Steven Durels, EVP and director of leasing and real property at SL Green, says work on the new space will be done "on an accelerated construction schedule."

SL Green SVP David Kaufman represented the landlord, while a Newmark Knight Frank team of Neal Golden, Ross Perlman and Lee Brodsky spoke for Marcum & Kliegman. Noah Shapiro of Paul Hastings was counsel for SL Green and Goldbarb & Fleece's Spenser Stein represented the tenant, which is headquartered in Melville, NY.

The 857,354-square-foot 750 Third interconnects with SL Green's 485 Lexington Ave. and recently underwent a capital program, including a new lobby and elevator cabs and an upgraded security systems. Other tenants there include Eisner LLP, Fairchild Publications, TIAA-CREF--from which SL Green bought both 750 Third and 485 Lexington in 2004--Endurance Reinsurance Corp. and Schonbraun McCann Consulting Group. Asking rents range from $45 to $68 per square foot.

In other news, SL Green on Monday announced a common stock offering of 17 million shares at $20.75 per share. Underwriters on the stock offering, which is expected to close on or about May 15, have a 30-day option to purchase up to 2.5 million additional shares of common stock to cover any over-allotments.

SL Green says it expects to realize approximately $336.8 million in net proceeds from the stock offering. In a release, the office REIT says it plans to use net proceeds "for general corporate and/or working capital purposes." These could include investment opportunities, purchases of the indebtedness of its subsidiaries in the open market and repaying debt "at the applicable maturity or put date."