SL Green Lands Major Leases With Citibank, TIAA-CREF

NEW YORK CITY-SL Green is maintaining hold of a pair of powerhouse tenants with two newly signed lease agreements. Citibank N.A. has inked a deal with the REIT for an additional 297,000 sf at 485 Lexington Ave. TIAA-CREF has just nailed down an 85,000-sf lease at neighboring 750 Third.

Green, which bought the pair of towers from TIAA-CREF last year, dubbed the configuration Grand Central Square Properties. The branding was part of a $90-million renovation program that, say SL Green executives, found its justification in these newly minted deals. Four Eighty Five offers a total of 921,370 SF while 750 Third totals 827,283 sf.

Citibank’s 11-year deal brings parent Citigroup’s total Green-related leases to 628,000 sf and brings Citibank’s presence at 485 to 32% of the building’s total. TIAA-CREF’s three-year agreement, along with a third lease SL Green signed with Colonial Consulting for 12,000 feet, represents 12% of 750′s occupancy. The Colonial deal is for 10 years.

Principals were mum on rents. But according to Cushman & Wakefield statistics, rents in the area are running just north of $71 per foot. CB Richard Ellis research, however, puts a much lower average to the specific building rents, posting 485 Lex at $57.70 and 650 Third at $53.97.

SLG Leasing LLC and Cushman & Wakefield Inc. handle leasing at Grand Central Square. Newmark spoke for Citibank while Colliers ABR, Inc. represented TIAA-CREF.