Wells Fargo “Attracted” to LEED-EB Silver Efforts at 100 Park Avenue

Perhaps it’s anecdotal, but SL Green’s $72 million capital investment in 100 Park Avenue is paying dividends: a Wells Fargo subsidiary has indicated it was attracted to the tower’s pending LEED Silver certification after agreeing to a major lease.

A lot of what we do here in terms of observing the local green real estate scene is anecdotal, but I do believe there is some value in attempting to draw conclusions from the deals that are (or are not, as the case may be) taking place. Accordingly, in recent news from SL Green that it has inked a 45,000-square-foot, 10-year lease with Wells Fargo Trade Capital at LEED-EB Silver hopeful 100 Park Avenue, we noted that Wells Fargo was attracted not only to the property’s “higher profile,” but also its “pending LEED Silver certification.” The firm is a Wells Fargo subsidiary and offers supply-chain financing for domestic retailers; it will move into its new space on the tower’s third floor on April 1.

Even in this lousy market, SL Green is clearly seeing a return on its $72 million capital improvement program; it signed accounting firm BDO Seidman back in August to a 120,000-square-foot lease at $82 per square foot, which was the 15th largest leasing transaction in Manhattan during 2008. Upgrades over the past 18 months to the building’s infrastructure, lobby, elevators, and facade resulted in BOMA naming 100 Park Avenue its Best Renovated Building of the Year for 2007; asking rents at the tower are between $60 and $80 per square foot, depending on the floor.

As we noted previously, 100 Park Avenue was the first of Park Avenue’s International Style high-rises. Located at the corner of East 40th Street, the modern glass and steel tower was completed in 1949 and replaced the Murray Hill Hotel, which dated from 1883 and whose residents vehemently fought against the new development.

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4 Responses to Wells Fargo “Attracted” to LEED-EB Silver Efforts at 100 Park Avenue

  1. Brando Wednesday, January 28, 2009 at 2:02 pm #

    It’s great to see large corporations interested in the Leed Silver certification. The building looks beautiful, and i’m curious to find out about the improvements made to qualify for this honor! Thanks for sharing.

  2. Stephen Del Percio Wednesday, January 28, 2009 at 2:36 pm #

    Thanks for the comment, here’s a link to the building’s home page that discusses some of its technical specifications: http://www.100parkslg.com/flash.html

  3. Diane Tuesday, February 3, 2009 at 1:20 pm #

    Sustainability is the rage and I am so grateful to see people jumping on board. Not only is this a step in the right direction to help our workforce but it makes sense economically. Read more about the profits here: http://www.acreageanywhere.com/specialty_articles/sustainable_building_-_build_your_gold_mine.html

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