SL Green Signs 50 Leases - Analyst Blog


SL Green Realty Corp ( SLG ) , a New York-based real estate investment trust (REIT), recently stated that it has penned 50 lease agreements during the first two months of the current quarter.  The lease agreements have increased the year-to-date tally to 240, spanning around 3,862,700 square feet.

SL Green signed the lease agreements for properties situated in Manhattan, which is one of its core markets. Some of the significant new lease agreements include 57,110 square feet at 3 Columbus Circle to one of its affiliates; 22,047 square feet at 641 Avenue of the Americas to Microsoft Corporation ( MSFT ) ; 38,026 square feet at 125 Park Avenue to Robert Half International Inc. ( RHI ) ; and 17,921 square feet at 711 Third Avenue to a subsidiary of Walgreen Co. ( WAG ) .

SL Green primarily focuses on long-term lease agreements with high-class tenants. In the third quarter of 2012, the company signed around 60 Manhattan office leases with some of the renowned firms such as - Capital One Financial Corp. ( COF ) and Young & Rubicam, Inc.

The company is also active on portfolio restructuring through acquisition and disposition of assets. In a separate development, SL Green along with its partner announced the sale of the ownership stakes in the Jersey Property Unit Trust (JPUT). Jersey Property owned the long-term leasehold interest in a London-based Class A office building Procession House, and sold it to an U.K. based company for $100 million.

In addition, SL Green recently made its first major residential property investment in Brooklyn. The company is set to acquire a newly constructed unoccupied residential building in the Williamsburg section of Brooklyn. The residential building consists of 72 apartment units and 12 townhouses. The building is positioned atop an already-acquired commercial condominium, which includes a HSBC Holdings plc ( HBC ) bank, a pharmacy and a garage. The acquisition is expected to close in the first quarter of 2013.

SL Green primarily acquires, owns, repositions and manages Manhattan commercial properties. As of September 30, 2012, SL Green owned 77 Manhattan properties totaling more than 39.3 million square feet. This included ownership interests in 27.5 million square feet of commercial properties.

We currently have a long-term Neutral recommendation on SL Green. Also, it carries a short-term Zacks #3 Rank (Hold).

CAPITAL ONE FIN (COF): Free Stock Analysis Report

HSBC HOLDINGS (HBC): Free Stock Analysis Report

MICROSOFT CORP (MSFT): Free Stock Analysis Report

ROBT HALF INTL (RHI): Free Stock Analysis Report

SL GREEN REALTY (SLG): Free Stock Analysis Report

WALGREEN CO (WAG): Free Stock Analysis Report

To read this article on click here.

Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing , Business , Stocks

Referenced Stocks: COF , HBC , MSFT , RHI , SLG

More from

Related Videos



Most Active by Volume

  • $15.42 ▲ 0.06%
  • $24.12 ▲ 0.50%
  • $27.09 ▼ 1.35%
  • $124.24 ▲ 0.70%
  • $30.08 ▲ 0.64%
  • $105.10 ▼ 0.34%
  • $5.79 ▼ 3.98%
  • $26.66 ▲ 0.34%
As of 3/26/2015, 04:15 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by