Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Marcum & Kliegman LLP is moving up the street into a larger space. Currently located at 655 Third Ave., the accounting firm has signed a 10-year lease for 67,152 square feet at 750 Third Ave. It’s reportedly the largest Midtown relocation so far this year.

Landlord SL Green Realty Corp. will build out the entire 11th and 12th floors of the 34-story office tower in a turn-key installation for Marcum & Kliegman. In a release, Steven Durels, EVP and director of leasing and real property at SL Green, says work on the new space will be done “on an accelerated construction schedule.”

SL Green SVP David Kaufman represented the landlord, while a Newmark Knight Frank team of Neal Golden, Ross Perlman and Lee Brodsky spoke for Marcum & Kliegman. Noah Shapiro of Paul Hastings was counsel for SL Green and Goldbarb & Fleece’s Spenser Stein represented the tenant, which is headquartered in Melville, NY.

The 857,354-square-foot 750 Third interconnects with SL Green’s 485 Lexington Ave. and recently underwent a capital program, including a new lobby and elevator cabs and an upgraded security systems. Other tenants there include Eisner LLP, Fairchild Publications, TIAA-CREF–from which SL Green bought both 750 Third and 485 Lexington in 2004–Endurance Reinsurance Corp. and Schonbraun McCann Consulting Group. Asking rents range from $45 to $68 per square foot.

In other news, SL Green on Monday announced a common stock offering of 17 million shares at $20.75 per share. Underwriters on the stock offering, which is expected to close on or about May 15, have a 30-day option to purchase up to 2.5 million additional shares of common stock to cover any over-allotments.

SL Green says it expects to realize approximately $336.8 million in net proceeds from the stock offering. In a release, the office REIT says it plans to use net proceeds “for general corporate and/or working capital purposes.” These could include investment opportunities, purchases of the indebtedness of its subsidiaries in the open market and repaying debt “at the applicable maturity or put date.”

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.