New York, NY – SL Green Realty Corp (NYSE: SLG) today announced that Infor, a leading provider of business application software serving more than 70,000 customers, has signed a long-term expansion lease more than doubling its size at 635-641 Avenue of the Americas. Infor’s expansion of 49,246 square feet covers 47% of the 635 building and increases its commitment at the combined buildings to 92,246 square feet.
“The market reaction to the revolutionary user experience we have built with our Hook & Loop creative team in New York has been overwhelming,” said Charles Phillips, CEO of Infor. “Just over a year after moving into our Manhattan headquarters, the number of customer visits to our HQ is up 20 times over our previous location in Alpharetta, and we are more than doubling our size to accommodate significant growth in this area of our business.”
The buildings were originally constructed in 1902 as one of the great department stores along the historic “Ladies Mile” and subsequently divided and operated as two separate buildings. SL Green is currently performing a comprehensive, building-wide redevelopment to re-combine the buildings. The work includes a new enlarged lobby, relocation of elevator shafts, new windows, restoration of historic façade and new storefronts, complete replacement of infrastructure serving the 635 building, construction of a new 10,000 square foot glass penthouse with 15’ ceilings and surrounding terrace together with a new rooftop deck with bocce court and landscaping available for use as entertainment space by all building tenants.
“We were delighted to work with Infor to meet their expansion needs and are very excited about the unique re-development of these beautiful buildings,” said Steven Durels, SL Green’s Executive Vice President and Director of Leasing and Real Property, who added “the building is a rare jewel within one of Manhattan’s most desirable neighborhoods.”
635-641 Avenue of the Americas is located between 19th and 20th Streets in Manhattan’s Midtown South submarket. The area is known for its large concentration of Internet, technology and new media companies. Midtown South, which is also known as “Silicon Alley”, is the tightest market of any Central Business District in the nation.
Cushman and Wakefield, led by Bruce Mosler, Chairman of Global Brokerage, Mark Mandell, Senior Director, Doron Etzioni and Ethan Silverstein, Director represented Infor in the transaction, while Jones Lang LaSalle’s Paul Glickman, Diana Biasotti, Benjamin Bass and Jonathan Fanuzzi represented SL Green.
About SL Green Realty Corp.
SL Green Realty Corp., New York City's largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2013, SL Green owned interests in 89 Manhattan properties totaling 42.3 million square feet. This included ownership interests in 23.9 million square feet of commercial properties and debt and preferred equity investments secured by 14.9 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests in 31 suburban assets totaling 5.4 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey, along with three development properties in the suburbs encompassing approximately 0.4 million square feet. The Company also has ownership interests in 28 properties totaling 3.7 million square feet in southern California.