NEW YORK CITY-Even as it reported the results of a busy second quarter that included more than one million square feet of leasing activity across its Manhattan and suburban portfolio, SL Green Realty Corp. on Thursday kept the momentum going. The office REIT said it signed Pandora Media Inc. to 52,450 square feet at 125 Park Ave., renewed and expanded IMG Worldwide's presence at 304 Park Ave. South to 72,080 square feet and booked a pair of leases totaling 39,757 square feet at 810 Seventh Ave.
Internet music provider Pandora is taking two of 125 Park's 26 floors in a 10-year deal. Steven Durels, EVP and director of leasing and real property for SL Green, says the new tenant was attracted to the property by its convenience to Grand Central Terminal and the high slab heights and oversized windows adorning its floors. CBRE's William Iacovelli and Ramsey Feher represented Pandora in the transaction, while a Newmark Grubb Knight Frank team of David Falk, Peter T. Shimkin, Daniel L. Levine and Brian S. Waterman negotiated on SL Green's behalf.
IMG's footprint at 304 PAS is now about 3,500 square feet larger than before, an SL Green spokesman tells GlobeSt.com. The company, whose businesses range from event marketing to talent representation in the entertainment and professional sports industries, is renewing for 15 years as the 210,000-square-foot property's anchor tenant. A CBRE team handled tenant representation in this deal, as well: the firm's Michael Laginestra, Rocco Laginestra and Christopher Mansfield represented IMG, and Durels worked with SL Green colleagues Howard Tenenbaum and Gary Rosen to represent 304 PAS's ownership.
At 810 Seventh, investment advisory firm Omega Advisors, led by Leon Cooperman, is taking the entire 17,320-square-foot 33rd floor for the next seven years. Dragados USA, a subsidiary of the global construction firm Actividades de Construcción y Servicios of Spain, will occupy the ninth floor in a 15-year lease for 22,437 square feet. The new space for its North American headquarters consolidates Dragados' existing Midtown and Westchester offices.
NKGF's Neil Goldmacher negotiated for Omega Advisors; Marc Miller of Murray Hill Properties did the same for Dragados. In both transactions, a Cushman & Wakefield team of Tara Stacom, Barry Zeller, Michael Nahamias, Whitten Morris and Peter Alden acted on behalf of SL Green.
Earlier this week, SL Green announced two more leasing deals in Midtown: 29,524 square feet in a renewal by DZ Bank at 609 Fifth Ave., and a new headquarters lease of 23,406 square feet with World Business Lenders at 120 W. 45th St., also known as Tower 45. The six deals by themselves total more than 215,000 square feet, helping to put Q3 thus far on pace with Q2's leasing total of 768,682 square feet across Manhattan.
The REIT's Q2 funds from operations totaled $120.5 million, or $1.27 per diluted share, compared to FFO of $179 million, or $1.92 per diluted share, for the same quarter in 2012. Quarterly results the year prior reflected additional income of $67.9 million from the recapitalization of 717 Fifth Ave. Net income totaled $8.3 million, or $0.09 per diluted share, for the quarter that ended June 30, compared to $103 million, or $1.14 per diluted share, the year prior.
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