SL Green CEO Marc Holliday wasn’t kidding when, at a recent industry conference, he said, “Rents in the city have gone down fairly significantly but with that said, if you have the ability to meet the market and the balance sheet to meet the market, there’s still velocity.”
SL Green tells us that its scraper at 461 Fifth Avenue has now reached 100 percent occupancy with the signing of a 17,528-square-foot lease with Everest Reinsurance Company. The firm expanded into 6,933 square feet, signing a new lease for the entire 20th floor of the tower. Eric Deutsch of CB Richard Ellis represented Everest in the transaction, while Christopher Gulden acted in-house for SL Green.
And that’s not all.
Over at the recently touched-up 810 Seventh Avenue, SL Green signed a total of 25,835 square feet. International communications firm Comverse Technology expanded, signing a new, 17,320-square-foot, 10-year lease for its worldwide headquarters on the entire 32nd floor, essentially doubling in size; and accounting firm Nigro Karlin Segal & Feldstein LLP signed a new five-year, 8,514-square-foot lease for part of the 17th floor. Newmark Knight Frank’s Paul and Michael Ippolito and Michael Morris repped Comverse in negotiations with Newmark Knight Frank’s David Falk, Peter Schminkin and Danny Levine. Meanwhile, PBS Realty Advisors’ John Brod and Howard Hersh represented Nigro Karlin in talks with SL Green’s Larry Swiger and Christopher Gulden.