Alexander McQueen Signs Retail Lease at Prime Madison Avenue Location as Redevelopment Nears Completion
SL Green Realty Corp (NYSE: SLG) today announced that international
fashion retailer Alexander McQueen has signed a 15-year lease for a
mid-block retail space at 747 Madison Avenue. The tenant is expected to
move into the space during the third quarter, 2013.
The retail co-op interest at 747 Madison is owned by a joint venture
that includes SL Green, Jeff Sutton and Harel Insurance Company Ltd.
After the partnership acquired the retail interest in September 2011, a
second-floor residential co-op unit was additionally acquired in order
to redevelop and expand the ceiling height of the retail space. The
remaining retail space on the corner of 65th Street and
Madison Avenue, adjacent to the Alexander McQueen store, is currently in
the market for leasing.
“The acquisition and repositioning of 747 Madison is a classic SL
Green/Sutton initiative to unlock significant potential value from a
prime retail location,” said SL Green President Andrew Mathias. “We
believe the Alexander McQueen lease announced today confirms that our
vision for this property was right on the mark, and we look forward to
continuing our efforts to complete the lease-up next door.”
Susan Kurland from CBRE brokered the transaction.
About SL Green Realty Corp.
SL Green Realty Corp., New York City's largest office landlord, is the
only fully integrated real estate investment trust, or REIT, that is
focused primarily on acquiring, managing and maximizing value of
Manhattan commercial properties. As of December 31, 2012, SL Green owned
interests in 85 Manhattan properties totaling 40.8 million square feet.
This included ownership interests in 27.8 million square feet of
commercial properties and debt and preferred equity investments secured
by 13.0 million square feet of properties. In addition to its Manhattan
investments, SL Green holds ownership interests in 31 suburban assets
totaling 5.4 million square feet in Brooklyn, Long Island, Westchester
County, Connecticut and New Jersey, along with four development
properties in the suburbs encompassing approximately 0.5 million square
feet. The Company also has ownership interests in 31 properties totaling
4.5 million square feet in southern California.
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