SL Green Wraps Up Two Multi-Floor Leases

NEW YORK CITY-In advance of releasing its second-quarter results, SL Green Realty Corp. has finalized a pair of financial sector office leases totaling more than 50,000 square feet in Midtown. The larger of the two deals, a 10-year extension at the REIT's 609 Fifth Ave., is for 29,524 square feet occupied by DZ Bank, at one time the boutique mixed-use property's owner. On Tuesday, SL Green announced a new headquarters lease with World Business Lenders at 120 W. 45th St., also known as Tower 45.

DZ Bank, which ranks as the fourth largest bank in Germany, will continue to occupy the 156,700-square-foot tower's seventh and eighth floors. In 2002, when it sold 609 Fifth to a partnership led by Jeff Sutton, DZ signed on for 15 more years. SL Green acquired 609 Fifth, which also contains American Girl's flagship store, in a 2006 deal that valued the property at $182 million.

Michael Burgio, EVP with Cushman & Wakefield, represented DZ Bank in lease negotations. SL Green's Howard J. Tenenbaum and Gary M. Rosen, EVP and senior managing director, respectively, represented ownership in-house.

World Business Lenders is taking the entirety of Tower 45's fifth and 29th floors. Lease terms were not disclosed. This past March, WBL announced that it was expanding its small business lending to 25 states, up from seven, and CEO Doug Naidus said at the time that his company's loan production had increased 1400% year over year.

SL Green in 2011 completed a capital improvement program program at Tower 45, including renovations to the outdoor plaza, street front enhancements, and new elevators cabs, common corridors and restrooms. The property became part of the SL Green portfolio in 2007 as a result of the REIT's merger with Reckson Associates.

Studley's John Johnson represented WBL, while the Jones Lang LaSalle team of Paul Glickman, Frank Doyle, Mitti Liebersohn, Diana Biasotti and David Kleiner acted on behalf of SL Green. The REIT will announce its second-quarter results after the stock market closes on Wednesday evening, and GlobeSt.com will provide coverage on Thursday.