SL Green Signs 603,650 Sq. Ft. Lease Extension with Penguin Random House at 1745 Broadway
NEW YORK–(BUSINESS WIRE)–SL Green Realty Corp (NYSE:SLG), New York City’s largest commercial property owner, along with partner, Ivanhoé Cambridge, today announced that leading international publisher, Penguin Random House, has signed a 15-year 603,650-square-foot lease extension through June 2033 covering floors 2-19 and 21-23 at 1745 Broadway. This is an early renewal of Penguin Random House’s lease, which was scheduled to expire in 2018.
Steven Durels, Executive Vice President and Director of Real Estate for SL Green, commented that, “We and our partners at Ivanhoe Cambridge are very pleased to have a high-quality tenant like Penguin Random House continue to anchor this premier asset.” He added that, “Leasing velocity in Manhattan remains robust with strong demand from legal, TAMI, financial service and healthcare tenants.”
Richard Bernstein of Cushman & Wakefield represented the tenant in this transaction while SL Green represented the landlord in-house.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York City’s largest commercial landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2016, the Company held interests in 119 Manhattan buildings totaling 44.7 million square feet. This included ownership interests in 28.0 million square feet of commercial buildings and debt and preferred equity investments secured by 16.7 million square feet of buildings. In addition, the Company held ownership interests in 31 suburban buildings totaling 4.9 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey. To be added to the Company’s distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at (212) 594-2700.
About Ivanhoé Cambridge
Ivanhoé Cambridge, a global real estate industry leader, invests in high-quality properties and companies in select cities around the world. It does so prudently with a long-term view to optimize risk-adjusted returns. Founded in Quebec in 1953, Ivanhoé Cambridge has built a vertically integrated business across Canada. Internationally, the Company invests alongside key partners that are leaders in their respective markets.
Through subsidiaries and partnerships, Ivanhoé Cambridge holds interests in close to 500 properties, consisting primarily in office, retail, residential and logistics real estate. Ivanhoé Cambridge held more than Cdn$55 billion in assets as at June 30, 2016. The Company is a real estate subsidiary of the Caisse de dépôt et placement du Québec (cdpq.com), one of Canada’s leading institutional fund managers. For further information: ivanhoecambridge.com.
This press release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements. Forward-looking statements are not guarantees of future performance and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” or the negative of these words, or other similar words or terms.
Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results.