TUESDAY, JUNE 19, 2007
SL Green/Sutton 15-Year Lease with Armani
SL Green/Sutton Joint Venture Signs 15-Year Lease with Giorgio Armani at 717 Fifth Avenue.
Joint venture partners SL Green Realty Corp. and Jeff Sutton today announced a 15-year lease with Giorgio Armani for more than 40,000 square feet at one of Manhattan’s premier retail locations -- 717 Fifth Avenue – for the Italian fashion house’s world wide flagship.
Today’s announcement marks the latest in a series of high profile retail investments and leasing successes at repositioned assets by the SL Green/Sutton team -- including the Apple lease on 34th Street, the Spotlight restaurant/nightclub lease at 1604 Broadway, and the HSBC lease at 141 Fifth Avenue.
The four-level retail condominium at 717 Fifth Avenue boasts a three-story glass atrium, which, together with its location at the southeast corner of 56th Street and Fifth Avenue, makes it one of the most desirable retail addresses in the world. The mega-store, scheduled to open in 2008, is expected to be the centerpiece for Armani’s expansion of its U.S. operations.
In connection with the lease agreement, the SL Green/Sutton venture is exercising an exclusive right to purchase floors two and three at the property.
“We are delighted that Giorgio Armani has selected 717 Fifth Avenue as its newest, most prominent New York retail location,” said Andrew Matthias, SL Green’s President and Chief Investment Officer. “We embarked on our joint venture partnership with Jeff Sutton just three years ago, aiming to identify and invest in underperforming retail assets. The program has been a resounding success to date, much to the benefit of SL Green’s shareholders. We are looking for additional opportunities to maintain our momentum.”
Laura Pomerantz of PBS Real Estate represented the tenant in this transaction.
SL Green Realty Corp. is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties.