[IMGCAP(1)]NEW YORK CITY-SL Green Realty Corp. has completed its $25 million capital improvement program at 521 Fifth Ave., a 39-story office tower containing 462,853 rentable sf. Located on Fifth Avenue at 43rd Street, the building is the most recent example of SL Green’s ongoing strategic repositioning efforts aimed at delivering greater value from its properties, particularly in the Grand Central Terminal submarket, the company explains. Steven Durels, director of leasing and real property at SL Green tells GlobeSt.com that asking price today is $72 per sf, versus $45 per sf prior to the repositioning.

[IMGCAP(2)]The redevelopment of 521 Fifth Ave. is most visible by the restored facade of Deer Island granite and new glass and stainless steel storefront. Inside, SL Green has redesigned the lobby with marble, tiger wood paneling and stainless steel accents, and new prominent entrance. The building also features new stone clad elevator cabs, upgraded security systems, new corridors and bathrooms, new windows and enhanced building infrastructure.

[IMGCAP(3)]Since the third quarter of 2006 when SL Green began its capital improvement program at 521 Fifth Ave., the building has signed 125,000 sf of office leases with existing tenants seeking to lock in value and new tenants–both attracted by the building’s repositioned appeal and location, according to SL Green. Occupancy levels have remained high at 97%.

Noteworthy new leases executed during this period include renowned asset manager, Shelby Collum Davis & Co. LLP, UK reinsurance firm, Hiscox Inc, executive search firm, Sextant Search Partners, programming production and distribution company, Starz Media LLC, wealth management team, Alexandra and James of IDB Capital Corp. and Royal Healthcare of Long Island.

In the second quarter of 2007, Circuit City Stores Inc., a leading national retailer, signed a new 15-year lease covering 25,866 sf for part of the ground floor and the entire second floor. Circuit City’s move to 521 Fifth Ave. was impressive for its size but was also recognized for signaling the emergence of large national retailers in an area of Fifth Avenue more traditionally dominated by smaller stores, the company explains.

“The repositioning of 521 Fifth Ave. is a great example of the type of commercial real estate value creation SL Green has become associated with,” notes Durels. “We are very pleased with our leasing results at the building since the start of our redevelopment program as these serve to acknowledge our vision for this class A property as well as the continuing appeal of the Grand Central Terminal submarket where we currently own and manage 16 office towers with over 8.6 million sf.”

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