SL Green Signs New and Expansion Leases Totaling 124,000 Square Feet At One Vanderbilt Avenue

Rhea-AI Summary

SL Green Realty Corp. (NYSE: SLG) has announced that One Vanderbilt Avenue is now 89% leased following the signing of three new leases. A major lease of 97,652 square feet for 15 years was signed with a new tenant, boosting occupancy significantly. TD Securities expanded its lease by 24,020 square feet to occupy 142,892 square feet total. InTandem Capital Partners and Sagewind Capital expanded by 2,163 square feet. The building is on track to exceed a 90% leasing projection by year-end.

Positive

• One Vanderbilt is now 89% leased, indicating strong demand.
• Signing of a significant new lease of 97,652 square feet improves occupancy.
• TD Securities expands its lease, reflecting commitment to the location.

Negative

• None.

Trophy Office Tower Now 89% Leased

NEW YORK, June 07, 2021 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced the signing of three leases at One Vanderbilt Avenue, the skyline-defining tower in the heart of East Midtown, that brings the building to 89% leased. A new 97,652-square-foot, 15-year lease covering floors 63-66 was signed with one tenant. TD Securities signed a 24,020-square-foot, 20-year lease expansion covering a portion of the 11th floor, which increases TD Securities’ commitment within the building to 142,892 square feet. Additionally, InTandem Capital Partners LLC and Sagewind Capital LLC jointly signed a 2,163-square-foot, 7-year lease expansion covering a portion of the 24th floor, which increases their footprint within the building to 12,328 square feet.

“We’re delighted to welcome our newest tenant and expand our relationships with TD Securities, InTandem and Sagewind,” said Steven Durels, Executive Vice President and Director of Leasing and Real Property at SL Green. “One Vanderbilt continues to attract companies seeking best-in-class office space, location and amenities and is now on track to exceed our recently revised year-end leasing projection of 90%.”

Major recent milestones for One Vanderbilt include the opening of world-renowned chef Daniel Boulud’s new restaurant, Le Pavillon, on May 19, 2021, which occupies 11,000 square feet on the second floor, facing Grand Central with a striking view of the Chrysler Building. In addition, One Vanderbilt’s observation deck, Summit One Vanderbilt, is set to open this fall bringing visitors a truly unmatched immersive experience and taking them to the highest vantage point in Midtown Manhattan.

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

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 from Daniel Boulud and an extraordinary, landscaped terrace which overlooks Grand Central Terminal. 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.

Robert Alexander, Ryan Alexander, Emily Chabrier, Alex D’Amario of CBRE represented the landlord in each transaction.

About SL Green Realty Corp.

SL Green Realty Corp., 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 March 31, 2021, SL Green held interests in 84 buildings totaling 37.8 million square feet. This included ownership interests in 28.3 million square feet of Manhattan buildings and 8.7 million square feet securing debt and preferred equity investments.

Forward Looking Statement

This press release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties related to the on-going COVID-19 pandemic and the duration and impact it will have on our business and the industry as a whole and the other risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.

SLG – LEAS

Matt DiLiberto
Chief Financial Officer
212.594.2700

FAQ

What is the current leasing percentage of One Vanderbilt by SL Green Realty Corp.?

As of now, One Vanderbilt is 89% leased.

What are the recent lease agreements signed for One Vanderbilt?

Recently, three leases were signed including a 97,652-square-foot lease, a 24,020-square-foot expansion by TD Securities, and a 2,163-square-foot expansion by InTandem Capital Partners and Sagewind Capital.

How much space has TD Securities committed to at One Vanderbilt?

TD Securities has expanded its lease to a total of 142,892 square feet.

What is SL Green Realty Corp.'s leasing projection for One Vanderbilt by the end of the year?

SL Green projects that One Vanderbilt will exceed 90% leased by year-end.