New York, NY (RealEstateRama) July 11, 2008 – SL Green Realty Corp. is underway with comprehensive redevelopment programs at three of its New York City buildings, namely 711 Third Avenue, 810 Seventh Avenue in Manhattan and 16 Court Street, Brooklyn’s tallest commercial property. Steven Durels, SL Green’s Executive Vice President/Director of Leasing and Real Property said, “Consistent with our strategy of acquiring and repositioning well-located properties, we’ll make substantial esthetic enhancements in the look and feel of each of the buildings, while simultaneously upgrading building infrastructure as appropriate in order to offer our tenants a state-of-the-art working environment. A well thought-out capital plan and re-branding of each building are part of our overall repositioning effort.”
711 Third Avenue
A $7 million renovation of the lobby and elevator cabs is underway at this 20-story 553,000-square-foot tower located just steps from Grand Central Terminal. The work will include preservation of the famous mosaic mural located within the lobby. Key elements of the renovation include new polished Thassos and Blue deSavoi Marble walls, a new polished Austiri Quartz floor, museum quality lighting, new elevator cabs, state-of-the-art security systems featuring optical turnstiles, and a new visitor access system. The building’s Third Avenue entrance will be expanded to the building line and a new entrance canopy will be added. The most challenging aspect of the renovation is restoring Hans Hofmann’s exquisite mosaic mural, which surrounds the elevator banks. TPG Architecture, award-winning NYC based architects who specialize in innovative design, are managing the restoration process.One of his generation’s most noteworthy abstract expressionists, Hans Hofmann was born in Bavaria in 1880 and immigrated to the United States in 1932. He played a pivotal role in postwar American art and is known for exploring spatial tensions and color relationships. He was both a talented painter, influenced by Pablo Picasso, Georges Braque, and Henri Matisse among others, as well as a revered teacher. Tenants in the building include Crain’s New York Business, Omnicom, Parade Publications, Ricoh Corporation, and Chicago Title Insurance Company.
810 Seventh Avenue
A $10 million capital improvement campaign is ongoing at this 41-story, 694,000-square-foot office building located on the Southwest corner of Seventh Avenue at West 53rd Street. Among the improvements are a new lobby, elevator cabs, fire alarm, common corridors and bathrooms. Additionally, a façade restoration and electric upgrade are included. The design will feature sustainable natural materials such as bamboo and stone that are appealing, but also environmentally sensitive. Highlights will include travertine stone and dark bamboo accents at the walls and ceiling. A custom bamboo reception desk and elegant lighting will complete the new look. The design architect for the project is A+I Design, which specializes in infusing dimensionality, drama, and light into tired spaces. Among the tenants in the building are: Hearst Communication/Metromedia Co.; WWOR-TV; Practicing Law Institute; Insight Communication; Cingular; and Oppenheimer & Co.
16 Court Street
The $16 million dollar capital program at this 38-story, 284,000-square-foot building includes a new lobby, elevator cabs, elevator equipment modernization, new windows, restroom renovations and common corridor upgrades. Additionally, a $1.2 million façade restoration and fire alarm replacement are underway. Lobby finishes include polarized quartz floor tiles, black marble, white glass and walnut wood walls. An ambitious pre-build program has completed construction of 15 office suites ready for immediate tenant move-in. TPG Architecture is the design architect on the project. Tenants at the property include the New York Times’ Brooklyn Bureau, Marcus & Millichap, NYC Department of Transportation, and the Kings County Democratic Committee. “To maximize market appeal, the extensive capital redevelopment programs currently underway exemplify how our team has preserved the distinguishing architectural elements of these buildings, while introducing innovative design features and state-of-the-art security/life safety technology, to provide some of the most appealing and functional commercial property in Manhattan,” said Edward V. Piccinich, SL Green Executive Vice President of Management & Construction.
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 March 31, 2008, the Company owned 31 New York City office properties totaling approximately 24,389,200 square feet, making it New York’s largest office landlord. In addition, SL Green holds investment interests in, among other things, nine retail properties encompassing approximately 400,212 square feet, one development property encompassing approximately 85,000 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. 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 212-216-1601.
