Walmart is moving their executive offices to Times Square.
SL Green, the city's largest office landlord, announced today that the strip-mall staple has signed a 10-year lease for 46,103 square feet at 1372 Broadway. The executive offices will occupy the entire second floor and second-floor mezzanine of the building, according to the press release.
SL Green completely renovated the 21-story, 534,000-square-foot building in 1999. The release noted that other tenants in the building include Ann Taylor, Inc and Ross Stores, Inc.
The full press release is below.
SL Green Announces WalMart Stores East LP Takes 46,103 SF for
New Offices at 1372 Broadway
New York, NY – July 23 2007 – SL Green Realty Corp. (NYSE: SLG) today announced that it has completed a 10-year lease agreement at 1372 Broadway in New York with the world’s second largest corporation, retailer, Wal-Mart Stores East, L.P. Wal-Mart, (NYSE: WMT), will occupy the entire second floor and second floor mezzanine, comprising a total of 46,103 square feet for executive offices.
Commenting on the agreement, Steven Durels, Executive Vice President and Director of Leasing and Real Property for SL Green, said, “We’re delighted Wal-Mart chose to locate its Manhattan offices at 1372 Broadway, which has become the location of choice for executive offices for leading apparel firms. In its new office site Wal-Mart will join long-term, prestigious tenants Ann Taylor, Inc. Ross Stores, Inc and international wholesaler, Millwork Trading Company.”
Located in the heart of Times Square South, on Broadway between 37th and 38th Streets, 1372 Broadway is a 21-story property, containing 534,000 of rentable square feet. The building was fully renovated by SL Green in 1999 and features a new lobby with entrances on Broadway and 38th Street and new elevator cabs.
Barry Milberg of Treeline Real Estate Group together with Alexander Chudnoff and Mitchell Konsker of Cushman & Wakefield, Inc represented the tenant in the new agreement. William S. Elder and Amy Shustek from SL Green represented the landlord.
SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages a portfolio of Manhattan office properties. As of June 30, 2007, the Company owned 32 New York City office properties totaling approximately 22.5 million square feet, making it New York's largest office landlord. In addition, SL Green holds investment interests in Manhattan retail properties totaling approximately 284,000 square feet at nine properties, along with ownership of 33 suburban assets totaling 7.0 million square feet in Long Island, Westchester County, Connecticut and New Jersey.