Posted Jun 5, 2024, 11:56 PM
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Join Date: Jul 2001
Location: Borough of Jersey
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https://www.costar.com/article/15846...vatory-concept
SL Green To Identify Two Sites Outside US To Expand Its New York Observatory Concept
Seeking New Revenue, REIT Considers Cities Including London, Paris and Tokyo
By Andria Cheng
June 4, 2024
Quote:
SL Green Realty, Manhattan’s largest office landlord, has been able to boost its building revenue with a rooftop observatory towering at least 91 floors over the streets of New York City. Now it plans to identify two non-U.S. sites this year to expand the popular Summit observatory concept globally.
The New York real estate investment trust is eyeing overseas locations including London, Paris and Tokyo to adapt its hit multilevel Summit observatory experience that the company opened in late 2021 at the top of its One Vanderbilt trophy tower, Chief Financial Officer Matthew DiLiberto said in an interview.
SL Green will be the operator of the attraction in buildings it doesn’t own in what’s likely a lease structure, he told CoStar News, adding the Summit observatory in Manhattan is “very profitable” and generates “well over $100 million a year” in revenue in just that one location.
“It’s a material contributor” to One Vanderbilt, DiLiberto said. “Developers [elsewhere] are very excited about the opportunity.”
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Quote:
SL Green’s plan to expand Summit comes as observatories in New York have experienced a resurgence more than 90 years after the Empire State Building proved there’s mass appeal in a sky-high observatory as a tourist attraction. Globally, the concept has proven popular from Toronto’s CN Tower to Taipei 101 in Taiwan.
At the same time, high interest rates have hurt commercial real estate markets in many large cities. DiLiberto acknowledged SL Green is on the hunt for other types of revenue.
“We are a large office company and will be for the foreseeable future,” he said. “But we are growing … ancillary income streams.”
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