The M.T.A., never known for lightning-speed feats of renovation, recently announced a scaled-back strategy that involves tempering the verb “renovate” with the idea of “station renewal,” a process that may include repairing lights, signs and other individual subway components. Nevertheless, when it comes to office space, the M.T.A.’s new digs at SL Green‘s 333 West 34th Street sport some lovely new renovations indeed.
Among boons like new retail space and an expanded lobby, the building’s recently completed capital-improvement program includes 18-foot-high glass walls around the facade. The M.T.A. will soon take floors 7 through 10, consisting of about 113,000 square feet. The agency will likely pay below the $42 asking rent, according to the New York Post, which had news of the deal on March 2.
Last week, Steven Durels of SL Green announced that the 10-year lease will raise building occupancy to 81 percent. This, he said in a release, was “a tremendous accomplishment given that the building was scheduled to be 100 percent vacant only five months ago.”
Josh Kuriloff and Rob Lowe of Cushman & Wakefield represented the M.T.A. Mr. Durels represented SL Green jointly with Cushman & Wakefield team Paul Glickman, Tara Stacom, Mitti Liebersohn, Doug Dolgoff and Diana Biasotti.
Follow Emily Geminder via RSS.