SL Green Signs Lease With Hodges Ward Elliott at One Vanderbilt Avenue

Rhea-AI Summary

SL Green Realty Corp. (NYSE: SLG) has announced a new 10-year lease with Hodges Ward Elliott for 12,692 square feet at One Vanderbilt Avenue, marking a continued strong demand for this iconic skyscraper in East Midtown. The tower, which stands at 1,401 feet and is approximately 70% leased, offers cutting-edge amenities and technology. The building includes a 30,000-square-foot tenant-only amenity floor and will feature a new restaurant, ‘Le Pavillon,’ from renowned chef Daniel Boulud in early 2021. SL Green's investment in sustainability at One Vanderbilt totals $17 million.

Positive

• New 10-year lease signed with Hodges Ward Elliott for 12,692 square feet at One Vanderbilt.
• One Vanderbilt is approximately 70% leased, indicating strong demand.
• Investment of $17 million in sustainability features enhances the building’s appeal.

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• None.

NEW YORK--(BUSINESS WIRE)--SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that Hodges Ward Elliott, the premier boutique real estate capital markets advisor, has signed a new 12,692 square foot, 10-year lease to occupy part of the 50th floor at One Vanderbilt Avenue, the newly opened skyline-defining tower in the heart of East Midtown.

Standing 1,401 feet tall, One Vanderbilt is the new headquarters for many of the world’s leading finance, banking, law and real estate firms, and is approximately 70% leased. The 1.7 million-square-foot skyscraper offers an unparalleled combination of amenities, innovative office design, state-of-the-art technology, best-in-class sustainability and healthy workplace environment together with direct connection to Grand Central Terminal.

“Following our successful September opening we continue to see strong demand for One Vanderbilt. Hodges Ward Elliott is now the third lease we’ve signed at the building since the start of the pandemic, a key indicator that world-class companies still want the best-in-class, healthy office experience to propel their companies forward,” said Steven Durels, Executive Vice President and Director of Leasing and Real Property at SL Green.

Building tenants include TD Securities, a leading banking and investment firm that provides a wide range of capital markets products and services and TD Bank, America's Most Convenient Bank, one of the ten largest banks in the U.S.; private equity firms The Carlyle Group, KPS Capital Partners, Oak Hill Advisors, InTandem Capital, SageWind Capital and Sentinel Capital Partners; prestigious law firms Greenberg Traurig and McDermott Will & Emery; global German financial firm DZ Bank; publicly traded real estate investment trust MFA Financial Inc.; and SL Green Realty Corp.

All building tenants are afforded access to an amenities package unrivaled in New York City office buildings, including a 30,000-square-foot tenant-only amenity floor with large format meeting spaces, club-style lounge, curated food offerings and an extraordinary outdoor terrace that faces Grand Central. Office floors feature floor-to-ceiling slab heights ranging from 14.5 feet to 24 feet, column-free floor plates, stunning 360-degree views through floor-to-ceiling windows and best-in-class infrastructure.

In the first quarter of 2021 world-renowned chef Daniel Boulud will open a new restaurant at One Vanderbilt, named ‘Le Pavillon.’ Le Pavillon will occupy 11,000 square feet with soaring 60-foot ceiling heights located on the southeast corner of the second floor, facing Grand Central with a striking view of the Chrysler Building.

Kohn Pedersen Fox (KPF) Associates is responsible for One Vanderbilt’s iconic design, which comprises four interlocking and tapering planes that spiral toward the sky. At the tower’s base, a series of angled cuts on the south side of the block creates a visual procession to Grand Central Terminal revealing the Vanderbilt corner of the Terminal’s magnificent cornice – a view that has been obstructed for nearly a century. The tower’s terracotta facade, which incorporates the same distinct ceiling tiles found throughout Grand Central Terminal, provides the soaring structure a natural, luminous texture. The American Institute of Architects (AIA) recognized One Vanderbilt and KPF with the prestigious 2018 AIANY Merit Award in Urban Design.

As a global leader in environmental, social, and governance initiatives, SL Green has invested $17 million in sustainability features at One Vanderbilt, ensuring the tower maintains one of the lowest carbon footprints across similarly scaled buildings in New York City. The tower was built using steel rebar made of 90% recycled content, features cutting-edge technologies including 1.2-MW cogeneration and 90,000-gallon rainwater collection systems, and regulates insulation for heating and cooling through its high-performance glazing. One Vanderbilt is on track to receive several environmental distinctions, including the highest levels of LEED and WELL certifications.

Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE represented the landlord in this transaction.

About SL Green

SL Green Realty Corp., an S&P 500 company and Manhattan's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2020, SL Green held interests in 96 buildings totaling 41.0 million square feet. This included ownership interests in 28.7 million square feet of Manhattan buildings and 11.2 million square feet securing debt and preferred equity investments.

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Source: SL Green Realty Corp.