June – Briefs/Leasing & Management

SL Green signs Manhattan’s largest office lease; Brookfield signs Morgan Stanley to 1.2 MSF; Liberty Property Trust fills 316 KSF; Random House renews 361 KSF; NKFE brokers 916 KSF industrial lease in Illinois; Cassidy Turley lands 1.1 MSF Gig; and JLL lands Manhattan contract.

SL Green Signs Manhattan’s Largest Office Lease

SL Green Realty Corp. has signed what the firm has termed Manhattan’s largest office lease—save a few sale-leaseback transactions—with Viacom at 1515 Broadway. The lease currently covers 1.4 million square feet of space, but Viacom is expected to increase that footprint to 1.6 million upon a 2020 expansion. In its current form, the lease secures Viacom in the building through 2031.

The re-signing at 1515 Broadway comes on the heels of a $775 million first-mortgage refinancing that SL Green secured through Bank of China. The new, seven-year loan replaced the existing $447 million vehicle. SL Green has owned the property since 2002, when it, along with Canadian investment firm SITQ, bought the asset for $480 million.

Brookfield Signs Morgan Stanley to 1.2 MSF
Brookfield Office Properties Inc. has signed Morgan Stanley to 1.2 million square feet of office space in One New York Plaza. The investment bank is extending both the sublease it had with Wells Fargo for approximately 782,000 square feet of space and a direct lease with Brookfield totaling 34,000 square feet. It will also add 337,000 square feet of new space.

Liberty Property Trust Fills 316 KSF

Liberty Property Trust has filled up a 316,200-square-foot space at Liberty Business Center in Aurora, Ill. Packaging and printing supplies distributor xpedx will take the industrial space at 901 Bitler Road, a 607,800-square-foot building located in Chicago’s Fox Valley submarket.

Random House Renews 361 KSF

Random House Inc. has signed a 361,044-square-foot lease renewal at 1745 Broadway with SL Green. The publisher has been at the property since 2003 and will continue to operate its corporate headquarters on floors two through 13.

NKFE Brokers 916 KSF Industrial Lease in Illinois
Newmark Knight Frank Epic represented tenant M. Block & Sons in a 915,645-square-foot lease at 18801 Oak Park Ave. in Tinley Park, Ill. The supply-chain firm will take occupancy in mid-June.

Cassidy Turley Lands 1.1 MSF Gig

Normandy Real Estate Partners has tapped Cassidy Turley to serve as the leasing agent for a 1.1 million-square-foot office portfolio in New Jersey. The Normandy portfolio includes Center 78, a 317,000-square-foot office building in Warren.

JLL Lands Manhattan Contract

TIAA-CREF has named Jones Lang LaSalle Inc. as the property manager and leasing agent for 475 Fifth Ave. in Manhattan. The 280,000-square-foot asset came under new ownership when TIAA-CREF purchased it for $144 million last fall.