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New York & Tri-State  + Midtown New York  + Office  |  December 9, 2024
Paul Bubny
By: Paul Bubny

SL Green Signs Alvarez & Marsal for 220K SF at 100 Park Ave., Extends Mortgage

SL Green Realty Corp. said Monday it had secured a new 220,221-square-foot lease with global professional services firm Alvarez & Marsal Holdings at 100 Park Ave., extended and upsized the existing $360-million mortgage on the Midtown Manhattan office property and signed a purchase option agreement to acquire its partner’s 49.9% interest.

The Alvarez & Marsal Holdings deal brings 100 Park’s leased occupancy to 95.8%. The tenant 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 mortgage modification extends the final maturity date to December 2027 and maintains the interest rate at 2.25% over Term SOFR. In addition, the lenders provided a new $70-million future funding facility to support leasing costs. SL Green was advised by Adam Spies and Doug Harmon of Newmark, while Doug Middleton of CBRE advised the lenders.

Read More News Stories About: SL Green Realty Corp
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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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