NEW YORK--(BUSINESS WIRE)--SL Green Realty Corp. (NYSE:SLG), New York City's largest commercial property owner, today announced that it has executed an agreement to convey a 30-year leasehold condominium interest covering 308,115-square-feet at 220 East 42nd Street, also known as the “News Building”, to Visiting Nurse Service of New York (VNSNY), the country’s largest not-for-profit home- and community-based health care organization.
“We’re delighted to welcome VNSNY to the News Building. This was a complicated transaction requiring the consolidation of numerous spaces, the creation of a private tenant lobby and significant upgrade to certain building infrastructure to support the tenant’s high density occupancy,” said Steven Durels, Executive Vice President, Director of Leasing and Real Property for SL Green, who added, “This transaction together with the previously announced renewal of 231,114 sq. ft. with Omnicom substantially mitigates the upcoming Omnicom lease expiration covering 493,560 sq. ft.”.
“This move is part of a bold new vision for the future of VNSNY assuring our ability to continue providing the best and most compassionate home and community based health care for vulnerable New Yorkers,” explains Guy Sansone, CEO of VNSNY, who added, “The move is particularly timely as we will be celebrating our 125th Anniversary in 2018, and this new centralized space will help us respond to the demands of a rapidly changing healthcare system, positioning us to continue our mission for another 125 years. We sought to find new space that would allow efficient centralization of our services while remaining in the heart of New York City; and to provide our staff with an innovative and attractive work environment.”
The 30-year deal covers part of the second, entire third, fifth and sixth, part of the seventh, and part of the ground and concourse level. The not-for-profit is relocating from 1250 Broadway, where they have occupied 320,000 square feet since 1994. The new location, which features a turnkey installation, will serve as a centralized headquarters. The large floorplates allow for better densification, enabling VNSNY to occupy less space and run its operations more efficiently.
A Cushman & Wakefield office leasing team of Tara Stacom and David E. Green, along with Louis Wolfowitz and Mark Todrys from the firm’s Corporate Finance & Investment Banking group completed the transaction on behalf of VNSNY.
“Visiting Nurse Service of New York has a great relationship with SL Green Realty, which previously owned 1250 Broadway,” said Stacom, a Cushman & Wakefield Executive Vice Chairman. “220 East 42nd Street is a great fit, with a separate entrance, plenty of natural light, terraces and a convenient location near major public transportation.”
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2016, the Company held interests in 119 Manhattan buildings totaling 44.7 million square feet. This included ownership interests in 28.0 million square feet of commercial buildings and debt and preferred equity investments secured by 16.7 million square feet of buildings. In addition, the Company held ownership interests in 31 suburban buildings totaling 4.9 million square feet in Brooklyn, Long Island, Westchester County, Connecticut and New Jersey. To be added to the Company's distribution list or to obtain the latest news releases and other Company information, please visit our website at www.slgreen.com or contact Investor Relations at (212) 594-2700.
About the Visiting Nurse Service of New York
Founded in 1893, the Visiting Nurse Service of New York (VNSNY) is the largest not-for-profit home- and community-based health care organization in the United States, serving the five boroughs of New York City and Nassau, Suffolk and Westchester Counties. VNSNY focuses on promoting the health and well-being of patients and families by providing high-quality, cost-effective health care to vulnerable individuals in their homes and communities. VNSNY also provides hospice and palliative care to patients at the end of life, operates an array of community mental health services, and private pay home services through Partners in Care. In addition, VNSNY operates health plans through its managed care affiliate, VNSNY CHOICE. On any given day, VNSNY has approximately 33,000 patients in its care. In 2015, VNSNY clinicians made over 1.5 million home- and community-based professional visits, serving over 151,000 patients
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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