On Monday, SL Green Realty Corp. announced a new lease agreement with global professional services firm Alvarez & Marsal Holdings for 220,221 square feet at 100 Park Ave. The company also extended and increased the existing mortgage on the Midtown Manhattan office property by $360 million and entered into a purchase option to acquire its partner’s 49.9% stake.
This deal brings the leased occupancy at 100 Park Ave to 95.8%. Alvarez & Marsal was represented by David Dusek of Cushman & Wakefield, while SL Green was represented by Harry Blair, Tara Stacom, Barry Zeller, Justin Royce and Pierce Hance of Cushman & Wakefield.
The modified mortgage now has a final maturity date of December 2027 and an interest rate based on Term SOFR plus an additional margin of only2.25%. Additionally,the lenders have provided a new future funding facility worth $70 million to cover leasing costs.SL Green received advisory services from Adam Spiesand Doug Harmonof Newmark,and Doug Middletonof CBRE advisedthe lenders in this transaction.
Overall,this latest development is expectedto further strengthenSLGreen’sposition asa leading real estate companyinNewYork City.The newswas originally reportedby Connect CRE.
