One Vanderbilt to cost over $3.1B: SL Green
City’s largest office landlord hopes to seal $1.5B construction loan by end of summer
June 07, 2016
By Rey Mashayekhi
Quote:
SL Green Realty shed more light on how it intends to finance its massive One Vanderbilt office development in Midtown – pegging the project’s total cost at $3.14 billion and noting that it hopes to close on a $1.5 billion construction loan by the end of the summer.
The city’s largest office landlord will need around $1.64 billion in equity to complete the planned 65-story, 1.7 million-square-foot building, SL Green said Tuesday at NAREIT’s REITWeek 2016 Investor Forum in Midtown.
As previously indicated, SL Green is currently in discussions with potential joint venture partners on One Vanderbilt, which is slated to rise to a height of more than 1,500 feet near Grand Central Terminal.
The company detailed how selling a 50 percent stake in the project would bring over roughly $820 million of the required equity, and SL Green CEO Marc Holliday was confident the REIT would be able to score a partner and fund a project that will cost it north of $1,800 per square foot.
Holliday acknowledged that a “project of this size does present an element of risk.” Though leasing the building would not be a problem, he said, the scale and expense of the project meant SL Green would prefer to have a partner.
One Vanderbilt’s $3.14 billion price tag would put it in select company. One World Trade Center, which opened in 2014, became the world’s most expensive office tower after costing around $3.8 billion to build, while Tishman Speyer’s planned 2.85 million-square-foot, Bjarke Ingels-designed office tower at 66 Hudson Boulevard — known as the Spiral — is expected to cost north of $3 billion.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
AECOM Selected to Manage Construction of $1 Bln One Vanderbilt Office Tower in Manhattan
By MT Newswire
June 21, 2016
Quote:
AECOM ( ACM ), a global infrastructure firm, said Tuesday that its subsidiary, Tishman Construction, has been selected to manage the construction of One Vanderbilt, a commercial office development in Manhattan.
The 58-story building will consists of 1.6 million square feet of class commercial space located directly adjacent to the Grand Central Terminal, and is expected to be the second-tallest office tower in New York City. The total value of construction for the project is approximately $1 billion.
Construction is expected to begin in 2016, with expected completion in 2020.
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Consortium including Bank of China, Wells Fargo set to provide $1.5B loan for One Vanderbilt
SL Green's Grand Central-area office project slated to cost $3.1B
June 21, 2016
Quote:
A consortium of Bank of China, Bank of New York Mellon, J.P Morgan Chase, TD Bank and Wells Fargo is close to issuing a $1.5 billion construction loan for SL Green Realty’s One Vanderbilt office tower.
SL Green’s CEO Marc Holliday said earlier this month the real estate investment trust hopes to add a $1.5 billion construction loan by the end of the summer, but the lenders were revealed by the Commercial Observer today.
The five-year loan deal has yet to be finalized, according to the newspaper. Scheduled for completion in 2020, the 1,401-foot-tall tower will be the second-tallest office building in New York after One World Trade Center. It will also be one of the most expensive skyscrapers ever built, with an estimated price tag of $3.14 billion. On a June 7 earnings call, Holliday acknowledged that a “project of this size does present an element of risk,” and said selling a 50 percent stake in the project would cover roughly $820 million of the required equity.
One Vanderbilt won City Council approval in June 2015. In exchange for a rezoning that allows the tower to rise to its planned height, SL Green will have to invest $220 million in public infrastructure improvements.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Consortium including Bank of China, Wells Fargo set to provide $1.5B loan for One Vanderbilt
SL Green's Grand Central-area office project slated to cost $3.1B
June 21, 2016
It's really happening, NYGuy? I feel so lucky to be alive to watch NYC completely transform!
It's really happening, NYGuy? I feel so lucky to be alive to watch NYC completely transform!
Definitely happening, and its the best time to be around for skyline lovers.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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If all others accepted the lie which the Party imposed, if all records told the same tale, then the lie passed into history and became truth. -Orwell
FIVE BANKS POOLING $1.5B FOR LOAN TO BUILD ONE VANDERBILT
Jun 22, 2016
Scott Klocksin
Quote:
SL Green appears to have secured a $1.5B loan for its massive One Vanderbilt office tower in Midtown East. Or rather, it's secured a hodgepodge of sorts from a who’s who of lenders to finance the construction of the neighborhood-transforming project.
The loan will combine debt from Bank of China, Bank of New York Mellon, JP Morgan Chase, TD Bank (which has committed to a 200k SF lease as the building’s anchor tenant) and Wells Fargo.
The five banks will co-lead the loan, which hasn’t yet closed and is expected to carry a five-year term, the Commercial Observer reports. A formal groundbreaking for the tower is set for this coming fall, and by the end of this summer the monster loan is expected to close.
Demolition is already underway on the low-slung buildings that occupy the assemblage for the tower. The financing package covers just under half the project’s projected cost of $3.14B.
That cost includes picking up a $220M tab for public improvements in a deal that got SL Green a zoning change necessary for the tower to reach its 1,400-foot height and raise its allowable floor area ratio.
The improvements include major updates to the Lexington Avenue Subway station at Grand Central, adjacent to the site of the future building.
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Note the Deutsche Bank logo in the lobby... They are a major tenant in the market right now, any chance this came from promotion materials prepared to pitch this space to them?
^There HAS to be something to that. Legally I don't think official project renderings and artistic impressions can use wordmarks or logos of actual real life companies or businesses unless they are actually going to be tenant. What they do instead is hint at the brands that would be ideal tenants in their marketing materials in hopes of communicating the desired caliber of their project. Its the reason marketing renderings show retail stores as Bobo, Barbelly and Whenever 21 instead of Bebe, Burberry and Forever 21. I would be very surprised if this wasn't in fact a sign that DeutscheBank is a tenant and not some kid just putting a random major bank trademark in there without anyone noticing on a a 1 billion plus development.
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There is no goodness in him, and his power to convince people otherwise is beyond understanding
TD bank is only taking 500k SQFT. So if someone else came in and took like a million I am pretty sure they would get some branding also on the exterior.
its possible the they got Deusch on board, or this pic was taking from materials specifically created to market to Deusch. Like the previously poster stated they cant release public images using companies they may not be there. It would pretty much be false advertisement using another companies name to sell your project.
"I wish it had a little more Shard to it." - NYguy . .
. . I thoroughly agree . . but at least KPF gave us a distinguished,
seriously-considered, architectural crown . .
Location: At a computer, wasting my life on a skyscraper website
Posts: 755
I actually really like the crown... it was love at first sight for me. I was awestruck by the sheer architectural genius... the awkwardly sloping roofs, the angles that don't line up.. the words "glorious" and "elegant" and "iconic" come to mind whenever i see it
just kidding
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You guys are laughing now but Jacksonville will soon assume its rightful place as the largest and most important city on Earth.
I heard the UN is moving its HQ there. The eiffel tower is moving there soon as well. Elon Musk even decided he didnt want to go to mars anymore after visiting.
Note the Deutsche Bank logo in the lobby... They are a major tenant in the market right now, any chance this came from promotion materials prepared to pitch this space to them?
Put it in the category with this one. Same building.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
I'm sure some old timers may not like this building and location, but I love it.
With 57th Street getting all of the skyscraper attention, 42nd Street is not going to sit still.
Glad to have balance on the Midtown skyline!
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