X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

[IMGCAP(1)]NEW YORK CITY-News America Inc. has signed a new 12-year, 83,822-sf lease to occupy floors 25-27 at SL Green Realty Corp.’s 1185 Avenue of the Americas. This lease increases the building occupancy to 99%.

Steven Durels, EVP and director of leasing and real property for SL Green, tells GlobeSt.com that the locally based company continues to experience good tenant demand for space in Manhattan. “Rates have remained strong primarily due to limited direct space availability,” he says. “However net effective rates have softened as landlords become a bit more cautious as a result of concern about the overall economy.”

[IMGCAP(2)]News America operates all business activities for News Corp. within the US. David Levinson and David Berkey of L & L Holding Co. LLC acted on behalf of the tenant in the transaction, while SL Green was represented in-house by Howard Tenenbaum, EVP, and Gary Rosen, managing director.

Although SL Green sources could not reveal taking rent or aggregate lease value, they did tell GlobeSt.com that asking rent at the property is $95 per sf. “We’re delighted to welcome such a prestigious company as News America to 1185,” Durels says. “They join other highly recognizable building tenants such as Hess Corp., Bank of America, King & Spalding and the National Hockey League.”

The 42-story tower with almost 1.1 million sf is located on Sixth Avenue between West 46th and 47th streets. The building has recently completed a capital program, which includes new lobby and new elevator cabs, and the addition of lighting to dramatically illuminate the building facade.

As of March 31, 2008, SL Green owned 31 New York City office properties totaling approximately 24.4 million sf. In addition, SL Green holds investment interests in, among other things, nine retail properties encompassing approximately 400,212 sf; one development property encompassing approximately 85,000 sf and two land interests; along with ownership interests in 36 suburban assets totaling 7.9 million sf in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.