SL Green Extends Ground Lease at 673 First Avenue
SL Green Realty (NYSE: SLG) announced today that it has reached agreement with 673 First Avenue Associates, the fee owner of 673 First Avenue, to extend the ground lease at that property to August 2087, an additional 50 years past its scheduled 2037 expiration date.
Located in the heart of the east side's medical corridor on the northwest corner of 38th Street and First Avenue, 673 First Avenue is a 12-story building containing 425,000 rentable square feet. It is 99.4 percent leased, primarily to NYU Hospitals Center and New York Presbyterian Hospital, making it a recognized center for Manhattan's medical community.
Isaac Zion, Co-Chief Investment Officer of SL Green, commented, “The extension of this ground lease provides a significant value enhancement to 673 First Avenue. This transaction ensures our ability to control the property for many decades to come.”
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.