New York, NY – April 27, 2009 – (RealEstateRama) — SL Green Realty Corp. (NYSE: SLG) announced today the completion of $40 million of building re-development improvements at three of its signature office properties, 711 Third Avenue, 810 Seventh Avenue in Manhattan, and 16 Court Street in Brooklyn. Each property has undergone a comprehensive re-positioning which includes capital improvements featuring unique designs reflective of each building.
“It’s satisfying to see the completion of these redevelopment projects, which were designed to enhance and highlight a specific theme for each building and its tenancy. They are strikingly distinct and have set the bar high for future lobby redevelopment projects. It is a refreshing reminder of our on-going commitment in maintaining our portfolio to the highest standard,” stated Edward Piccinich, Executive Vice President, Director of Management and Construction.
“A tremendous amount of time and effort goes into designing each of our redevelopment projects with the goal being to provide state-of-the-art work environments and eye-catching architectural appeal for our building tenants and visitors,” noted Steven Durels, Executive Vice President, Director of Leasing and Real Property.
711 Third Avenue
What makes 711 Third Avenue’s lobby so unique is the artistically famous 200-square-foot mosaic mural wrapping around the elevator core. It was commissioned in 1956 and created by the German-born American abstract expressionist painter, Hans Hofmann. The mural consists of 500,000 Venetian glass tiles in 500 different shades, each smaller than a postage stamp. The mural was pain-stakingly restored and became the feature around which the entire lobby was designed. The final product represents one of the most visually appealing commercial lobby entrances in Manhattan, combining both enduring artwork and leading edge technology. A lofty ambiance is created by the new glass entrance that is flush with the building exterior along Third Avenue, and the lobby’s high ceilings, polished marble walls, glass tiles, and quartz flooring. The $10 million renovation also includes new elevator cabs and corridor upgrades at this 20-story 553,000-square foot tower which is occupied by prestigious tenants such as Crain’s New York Business, Parade Publications, Ricoh Corporation, Omnicom and Chicago Title Insurance Company.
810 Seventh Avenue
Environmental sensitivity was a driving theme for the re-design of this building achieved through the use of sustainable, natural building materials. A subtle lighting scheme was designed to mimic natural light accenting the stone and dark-stain bamboo finishes, including a custom bamboo reception desk, which are design highlights of the ultra cool, elegant new lobby at the 41-story 694,000-square foot tower.
Mr. Piccinich commented, “We knew we wanted to create something that was much different from our previous lobby renovations, and our final design selection fulfilled that goal; the space is both highly operational and enjoys a unique aesthetic. We’ve received overwhelmingly positive feedback from our tenants.”
The $13 million capital campaign also included new elevator cabs, common corridors and bathrooms with complimentary design features. Major tenants in the building include In-Sight Communications, Ion Media, Hearst Communications, WWOR-TV and numerous financial services firms.
16 Court Street
The re-creation of the building’s dated lobby and entrance take their cue from the buildings elegant pre-war architecture. The resulting design features a strong black and white theme with a contemporary art deco feel.
Lobby materials included polarized quartz floor tiles, black granite, white glass and walnut wood walls. The lobby redevelopment is part of a $17 million comprehensive redevelopment program, which included new elevator cabs, new windows, restroom renovations, common corridor, and infrastructure upgrades. In addition, an extensive façade restoration was performed in order to preserve the distinguishing architectural elements of the 38-story 284,000-square foot tower, which is Brooklyn’s tallest building.
Among the building’s tenants are New York Times, Marcus & Millichap, NYC Department of Transportation, and the Kings County Democratic Committee.
About SL Green Realty Corp.
SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. The Company is the only publicly held REIT that specializes in this niche. As of June 30, 2008, the Company owned 30 New York City office properties totaling approximately 23,719,200 square feet, making it New York’s largest office landlord. In addition, SL Green holds investment interests in, among other things, eight retail properties encompassing approximately 400,212 square feet, two development properties encompassing approximately 363,000 square feet and two land interests, along with ownership interests in 36 suburban assets totaling 7,867,500 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.
