SL Green announces 16,000 s/f renewal at 1250 B'way

Real Estate Weekly, August 2, 2006

SL Green Realty Corp. announced that Science Applications International Corporation, currently the largest employee-owned research and engineering company in the United States, has renewed its lease covering 14,813 s/f at 1250 Broadway in New York City.

Science Applications International's extended lease for the entire 25th floor of the building will expire in 2009.

Located near Penn Station on Broadway at 31st street, 1250 Broadway is a 39-story, Class A building, containing 702,763 rentable square feet. SL Green recently completed a building wide renovation.

Commenting on the transaction, Steven Durels, executive vice president and director of leasing for SL Green, said, "As its existing lease came to close, Science Applications International, Corp., a long-term and valued tenant, recognized Manhattan's changing office market conditions and the value inherent in the full floor they presently occupy in Midtown Manhattan at 1250 Broadway.

"This lease renewal reflects once again the continuing strong fundamentals of the New York City office market while also demonstrating SL Green's ability to maximize the potential of our properties."

Martin Horner of The Staubach Company of New York LLC represented the tenant in this new agreement.