What's Happening?
SL Green Realty Corp's 1185 Sixth Avenue has surpassed the 90% leasing mark, with 91.5% of its 1.1 million square feet now committed. This milestone was reached following a 10-year lease agreement with Moroccanoil, a luxury body-care company, which will
occupy 39,799 square feet on the 33rd and part of the 32nd floors. The building, located between West 46th and 47th streets, is experiencing a leasing boom, with major tenants including Syska Hennessey, Industrial & Commercial Bank of China, and Hartree Partners. Additionally, Carnegie Diner & Cafe has opened on the ground floor, with its sister eatery Delos set to open next month.
Why It's Important?
The high leasing rate at 1185 Sixth Avenue highlights the strong demand for office space in Midtown Manhattan, reflecting a broader recovery in the commercial real estate market. This leasing success underscores SL Green's strategic positioning and ability to attract high-profile tenants, which can enhance the building's prestige and value. The presence of diverse tenants, including international companies, indicates a robust interest in New York City's commercial real estate, potentially driving further investment and development in the area.
What's Next?
With the building nearly fully leased, SL Green may focus on maintaining tenant satisfaction and exploring opportunities for further development or upgrades. The opening of Delos next month will complete the dining offerings at the location, potentially increasing foot traffic and enhancing the building's appeal. The continued interest in Midtown Manhattan could lead to more competitive leasing strategies among real estate developers.
