SL Green Inks Lease in Midtown East

A hedge fund will share the 20-story building's fifth floor with the National Center on Addiction and Substance Abuse.

711 Third Avenue
711 Third Ave.

SL Green Realty Corp. has chalked up a new 19,587-square-foot lease at its 711 Third Ave. building in Manhattan’s Midtown East. Hedge fund Ellington Management Group LLC will occupy part of the fifth floor of the classic mid-century tower near Grand Central Terminal.

The investment and advisory firm will share the floor with the National Center on Addiction and Substance Abuse, which committed to 30,000 square feet at 711 Third Ave. in late 2019, through a 12-year agreement. Additionally, the property’s roster includes Chicago Title Insurance Co., as well as law firms Goldberg Segalla and Golenbock Eiseman Assor Bell & Peskoe.

711 Third Ave. is situated between 44th and 45th streets and offers 592,000 square feet across 20 stories. SL Green picked up the 1950s asset in 1998, for $122.8 million, according to CommercialEdge data. The property has a 165-space parking garage, and has WiredScore Platinum and ENERGY STAR certifications.

Cushman & Wakefield’s Stephen Baker and Andrew Ross represented Ellington in the lease signing.

A Busy Month for SL Green

The news comes on the heels of Manhattan’s largest office landlord announcing a 22,531-square-foot lease with Kyndryl’s at One Vanderbilt. The IBM spinoff signed a nine-year agreement for its global headquarters at the city’s second-tallest building, bringing the property’s occupancy to 81 percent. The landlord has recently unveiled its plans for Summit One Vanderbilt, a 65,000-square-foot observatory with dining and leisure facilities, situated in the crown of the 1,401-foot skyscraper. The platform will be launched in October 2021.

Earlier this month, the REIT sold off a pair of adjoining Midtown office towers, for a total of $325 million. The eight-story buildings at 635-641 Sixth Ave. in Chelsea comprise 267,000 square feet and are 94 percent leased.

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