SL Green Realty Corp (
, 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.
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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 (
; 38,026 square feet at 125 Park Avenue to
Robert Half International Inc. (
; and 17,921 square feet at 711 Third Avenue to a subsidiary of
Walgreen Co. (
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. (
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
HSBC Holdings plc (
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).