NEW YORK CITY-SL Green Realty Corp. has extended and renewed early its ground lease at the firm’s headquarters here at the GrayBar Building at 420 Lexington Ave. In addition to this renewal, SL Green has completed three other leases in various Manhattan properties and a building acquisition in Stamford.

The ground lease agreement gives SL Green the ground lease through December 31, 2029, at a rate of about $11.2 million per year. Landgray Associates, the owner, also agreed to give SL Green an option to expand its lease when it comes due in two 15 year renewal options. Should the firm realize these options SL Green could hold the ground lease through December 31, 2080.

Additionally, the company has leased 40,000 sf to Giorgio Armani. The Italian retailer will take the four-floor space at 717 Fifth Ave. for 15 years. The rental rate was not released but rents in the area are said to be around $1,200 per sf. The store, which will be located on the corner of 56th Street and Fifth Avenue, is expected to open in 2008 and is part of the company’s planned expansion into the US.

PBS Real Estate’s Laura Pomerantz represented Armani. At the same time SL Green and Jeff Sutton, have agreed to purchase floors two and three at the 468,000-sf property.”We are delighted that Giorgio Armani has selected 717 Fifth Ave. as its newest, most prominent New York retail location,” says SL Green president and CEO Andrew Mathias. “We embarked on our joint venture partnership with Jeff Sutton just three years ago, aiming to identify and invest in underperforming retail assets. The program has been a resounding success to date, much to the benefit of SL Green’s shareholders. We are looking for additional opportunities to maintain our momentum.”

At 100 Park Ave. SL Green has negotiated 10-year lease renewals with J & W Seligman and Co. Inc. and Seligman Data Corp. The two leases total 103,000 sf. J & W Seligman will continue to occupy 90,000 sf on the seventh and eight floors, while Seligman Data keeps its 13,300 sf. Cushman & Wakefield’s Tara Stacom represented both tenants.

The leases have been signed in the midst of a $70 million redevelopment project that is giving the facility a new glass façade, new elevator cabs, HVAC systems, and emergency generator.

“As our redevelopment plan nears its midway point, the impressive results are plain for all to see, most particularly at the entrance to the building which now features a spectacular new atrium lobby, new elevator cabs and double height storefronts,” says Steven Durels, EVP and director of leasing at SL Green. “These two transactions are strong endorsements of our redevelopment design and reflect our enduring commitment to strong tenant relationships.”

In the last of its announced transactions today, SL Green has purchased the 94% occupied 1010 Washington Blvd. in Stamford, CT for $38 million. BPG Properties sold the two-building, 143,000-sf office complex for $265 per sf. GVA Williams’ Jacqueline-Pinyan-Durels represented SL Green.

Earlier in the year, SL Green acquired 1055 Washington Blvd. in its merger with Reckson Associated Realty Corp., and now owns 11 properties in the area. “Our property portfolio represents more than 20% of the office market in Stamford,” Mathias says. “Accordingly, we have put in place a strong suburban management platform and an intensive “hands-on” leasing strategy to help leverage our powerful position as one of Stamford’s largest landlords and further drive rents.”

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