NEW YORK - SL Green Realty Corp. (NYSE: NYSE:SLG), the largest office landlord in Manhattan, has secured three new leases at One Madison Avenue, filling 104,110 square feet of the building's space. The recent signings have brought the 1.4 million-square-foot Midtown South office tower to 63.6% occupancy, with all tower floors now fully leased.
A leading publicly traded financial services firm has committed to an 11-year lease for 67,208 square feet, encompassing two tower floors. Flutter Entertainment (NYSE: FLTR), a mobile sports-tech entertainment company, has taken the entire 23rd floor with a 35,898-square-foot lease that will run for 12 years.
Additionally, Italian specialty sandwich shop ALIDORO has secured a 1,004-square-foot portion of the ground floor for 12 years, as part of a strategy to enhance retail offerings with authentic New York food and beverage options for building tenants.
The new leases coincide with SL Green's unveiling of One Madison Avenue's featured spaces, including Le Jardin sur Madison, a unique 6,200-square-foot event space on the 28th floor, designed by architect David Rockwell. This space is complemented by a 5,000-square-foot rooftop garden, which will serve as a daytime retreat for tenants and an event venue in the evenings, with catering by renowned chef Daniel Boulud.
Furthermore, the building will host La Tête d’Or by Daniel, a new steakhouse from Chef Boulud, slated to open in November 2024. This addition will feature a 150-seat dining area, a cocktail bar, private dining room, and an exclusive omakase steak and seafood table.
The financial services firm was represented by JLL's Steven Rotter and Todd Stracci, while Flutter was represented by JLL's Justin Haber and Seth Godnick. ALIDORO was represented by Jon Paul Pirraglia of Ripco. SL Green was represented in all transactions by JLL's Paul Glickman, Ben Bass, Diana Biasotti, and Alexander Chudnoff, with Ross Berkowitz and Alex Hedaya of Newmark representing the landlord for the ALIDORO lease.
This announcement is based on a press release statement from SL Green Realty Corp.
InvestingPro Insights
SL Green Realty Corp. (NYSE: SLG) has shown a remarkable ability to attract new tenants and reach significant occupancy levels at One Madison Avenue, demonstrating the company's strong position in the Manhattan real estate market. The following InvestingPro Insights shed light on the financial aspects of SL Green's performance and outlook:
InvestingPro Data:
- The company's market capitalization stands at $3.73 billion, reflecting its substantial presence in the industry.
- SL Green's Price to Earnings (P/E) ratio is currently negative at -6.01, indicating that the company has reported a loss in the last twelve months as of Q4 2023.
- Despite a challenging environment, SL Green has maintained a consistent dividend yield of 5.57%, a testament to its commitment to shareholder returns.
InvestingPro Tips:
- Analysts expect SL Green's net income to grow this year, which could signal a turnaround for the company and potentially lead to increased investor confidence.
- The company has a track record of maintaining dividend payments for 28 consecutive years, highlighting its financial resilience and dedication to providing shareholder value.
For investors looking to delve deeper into SL Green's financial health and future prospects, additional InvestingPro Tips are available. With a total of 12 tips listed on https://www.investing.com/pro/SLG, investors can gain a comprehensive understanding of the company's performance and make informed decisions. Don't forget to use the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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