Posted Dec 3, 2018, 2:09 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,815
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https://nypost.com/2018/12/03/four-n...ne-vanderbilt/
Four new leases planned for superstructure One Vanderbilt
By Steve Cuozzo
December 3, 2018
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One Vanderbilt is more than half-full even before it’s finished.
As the tower next to Grand Central Terminal soars toward its eventual 1,401-foot height, developer SL Green is expected to report four new leases totaling 230,000 square feet in an earnings report Monday.
They bring the $3.1 billion, 1.7 million-square-foot spire to 52 percent leased in advance of its August 2020 opening — six months earlier than the original schedule.
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In the largest deal, TD Securities signed for 119,000 square feet on the entire 10th and 12th floors and part of the 11th. The firm is the investment-banking arm of TD Bank, which was the first tenant to lease space at One Vanderbilt with 200,000 square feet.
Also, MFA Financial, a publicly traded REIT, took 30,000 square feet on the entire 47th floor. Law firm McDermott Will & Emery added 10,000 square feet on top of its previous 140,000.
Maybe the most interesting lease is for SL Green itself, which will move its headquarters from the nearby Graybar Building into 70,000 square feet at One Vanderbilt.
SL Green Chief Executive Marc Holliday said his firm had to act fast to nail down the 27th and 28th floors for itself because space was moving so quickly.
SL Green has been tight-lipped about lease terms. But earlier reports cited asking rents of $160 per square foot on middle to higher floors.
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Meanwhile, the accelerated timeline to complete One Vanderbilt helped SL Green earn a break on a construction loan. The refinancing increased the loan size from $1.5 billion to $1.75 billion while reducing the interest rate by 75 basis points.
Ground was broken in 2016, and the superstructure has reached the 60th floor of what will eventually be 77.
Other office tenants include Carlyle Group, law firm Greenberg Traurig, and Germany’s DZ and DVB Banks. Superchef Daniel Boulud is partnering with SL Green for an 11,000-square-foot dining complex in the tower.
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Last edited by NYguy; Dec 3, 2018 at 2:32 PM.
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