SL Green Signs First Republic Bank to 212,000 Square Feet at 460 West 34th Street
April 17 2019 - 7:35AM
Business Wire
SL Green to Redevelop 638,000 Square Foot
Building Located at Key Intersection Between Hudson Yards and
Manhattan West
SL Green Realty Corp. (NYSE: SLG), New York City’s largest
office landlord, today announced that First Republic Bank, a
leading private bank and wealth management company, has signed a
new 211,521-square-foot, 15-year lease to occupy a portion of the
ground and mezzanine floors with two new retail bank branches
together with the entire second through sixth floors for corporate
offices at 460 West 34th Street.
SL Green entered into a contract to purchase a majority and
controlling interest in the building and is scheduled to close on
the acquisition in May, 2019. The building is located directly
across from Hudson Yards and Manhattan West along the full block
front of Tenth Avenue between 33rd and 34th Streets. The
transaction marks SL Green’s first major investment in the Hudson
Yards neighborhood. SL Green will execute a comprehensive,
building-wide redevelopment of the 20-story, 638,000 square foot,
Class-A office tower, with work to commence immediately following
acquisition.
“We’re proud to welcome First Republic Bank as the anchor tenant
to the exciting redevelopment of 460 West 34th Street,” said
Steven Durels, Executive Vice President and Director of Leasing
and Real Property at SL Green. “SL Green’s repositioning of 460
West 34th Street will transform the building into a fantastic
addition to the West Side neighborhood, attracting tenants
searching for creatively designed office space with superior
amenities. First Republic Bank believes in the vision we have for
460 West 34th Street, and we look forward to delivering them an
office address they’re proud to call home.”
“First Republic is very pleased to partner with SL Green
in establishing both office space and dual retail locations on the
corners of 33rd and 34th Streets and 10th Avenue,” said Jim
Herbert, Chairman, CEO and Founder of First Republic Bank.
“This new space is located on a central block in the vibrant, new
Hudson Yards area, and supports our continued ability to provide
exceptional client service across the New York market.”
460 West 34th Street was once known as the Master Printers
Building and the building’s redesign will honor that industrial
heritage. The redevelopment will include relocation of the
building’s lobby entrance from the 34th Street side of the building
to 33rd Street, construction of a striking new glass box lobby
together with new 9-foot-high industrial style windows, new
elevators, double height storefronts, and façade re-coloring. A
highlight will be a new 5,000-square-foot roof deck with
3,000-square-foot lounge, ideal for daily use and also available
for tenants to host evening events. The building enjoys numerous,
large roof setback terraces. Office floors have 13.5-foot-high
floor slabs with mushroom-capped columns which provide an exciting
and creative work environment.
Frank Doyle, David Kleiner, Betsy Buckley and Ellen Grace of JLL
represented First Republic Bank. Brian Waterman, Scott Klau, and
Eric Harris from Newmark Knight Frank represented the landlord.
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 December 31, 2018, SL Green held interests in 101 Manhattan
buildings totaling 46.0 million square feet. This included
ownership interests in 27.8 million square feet of Manhattan
buildings and 18.2 million square feet of buildings securing debt
and preferred equity investments. In addition, SL Green held
ownership interests in 7 suburban properties comprised of 15
suburban buildings totaling 2.3 million square feet in Brooklyn,
Westchester County, and Connecticut.
About First Republic
Bank
Founded in 1985, First Republic and its subsidiaries offer
private banking, private business banking and private wealth
management, including investment, trust and brokerage services.
First Republic specializes in delivering exceptional,
relationship-based service and offers a complete line of products,
including residential, commercial and personal loans, deposit
services, and wealth management. Services are offered through
preferred banking or wealth management offices primarily in San
Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach and
San Diego, California; Portland, Oregon; Boston, Massachusetts;
Palm Beach, Florida; Greenwich, Connecticut; New York, New York;
and Jackson, Wyoming. First Republic is a constituent of the
S&P 500 Index and KBW Nasdaq Bank Index. For more information,
visit firstrepublic.com.
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