New York City Council Grants Final Approval to SL Green’s One Vanderbilt Office Tower

SL Green to Provide $220 Million for Grand Central Terminal

Infrastructure Upgrades


SL Green Realty Corp. (NYSE:SLG), New York City’s largest commercial

property owner, announced today that the New York City Council approved

plans for its 63-story One Vanderbilt office tower. Located directly

west of Grand Central Terminal, construction of One Vanderbilt is

expected to commence immediately, beginning with the demolition of the


“Featuring world-class architecture, pioneering sustainability

standards, and modern flexible floor-plates that global companies

demand, One Vanderbilt will usher in an exciting new era for East

Midtown,” said Marc Holliday, CEO of SL Green Realty Corp. “One

Vanderbilt will deliver critically-needed, state-of-the-art Class A

office space and dramatically upgrade Grand Central’s aging,

over-burdened transit infrastructure. As the largest owner of commercial

property in New York City, we are proud to set a new standard for

unsubsidized commercial development and create a blueprint for a truly 21st-century

Midtown Manhattan.”

One Vanderbilt is bounded by Vanderbilt Avenue and Madison Avenue

between East 42nd and East 43rd Streets. The

63-story skyscraper will be 1,501 feet tall and contain 1.6 million

square feet of Class A commercial space. Designed by Kohn Pedersen Fox

(KPF), One Vanderbilt’s architecture and building materials pay homage

to the landmarked Terminal and the surrounding East Midtown business

district. One Vanderbilt features open floor plans, efficient use of

space, and the highest level of sustainable design in New York City.

TD Bank will anchor approximately 200,000 square feet of space in One

Vanderbilt, including a flagship retail store on the northeast corner of

42nd Street and Madison Avenue. One Vanderbilt is projected

to create 5,200 construction jobs and 190 permanent union jobs.

SL Green will invest an unprecedented $220 million in public

infrastructure, constructing new, direct subway access points and

circulation areas, easing platform and mezzanine crowding and allowing

trains to move more quickly through the station at peak hours.

Approximately two thirds of the $220 million in public infrastructure

funding will go to enhancing connections and circulation spaces along

the Lexington Avenue 4/5/6 subway line. One Vanderbilt will also create

direct subgrade connections to Long Island Railroad East Side Access,

Metro North and New York City Transit subway lines. Under this

agreement, SL Green will create a new public plaza on Vanderbilt Avenue

adjacent to the Terminal as well as two transit halls at the base of the

tower. The full package of improvements is projected to be finished by

2021, concurrently with the completion of the building.

“Thank you to our partners in government for their leadership in helping

make One Vanderbilt a reality, including Mayor Bill de Blasio, Deputy

Mayor Alicia Glen, City Planning Chair Carl Weisbrod, Council Speaker

Melissa Mark-Viverito, Councilmember Dan Garodnick, Manhattan Borough

President Gale Brewer and the entire New York City Council,” said Mr.

Holliday. “Thank you also to our dedicated partners at the Coalition for

a Better Grand Central – together we will deliver East Midtown’s newest

commercial skyscraper and create a better Grand Central for everyone.”

About SL Green Realty Corp.

SL Green Realty Corp., an S&P 500 company and New York City’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, 2015, SL Green

held interests in 117 Manhattan buildings totaling 43.6 million square

feet. This included ownership interests in 29.0 million square feet of

commercial buildings and debt and preferred equity investments secured

by 14.6 million square feet of buildings. In addition to its Manhattan

investments, SL Green held ownership interests in 37 suburban buildings

totaling 5.9 million square feet in Brooklyn, Long Island, Westchester

County, Connecticut and New Jersey. For more information, please visit:

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 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 are

described in our filings with the Securities and Exchange Commission. We

undertake no obligation to publicly update or revise any forward-looking

statements, whether as a result of future events, new information or



SL Green
Robert Schiffer
Managing Director


Source: SL Green

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