SL Green to Provide $220 Million for Grand Central Terminal
Infrastructure Upgrades
NEW YORK–(BUSINESS WIRE)–
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
site.
“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: https://slgreen.com/
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
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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
otherwise.
SLG-GEN
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SL Green
Robert Schiffer
Managing Director
212.594.2700
-or-
Berlinrosen
Nicole
Kolinsky
646-452-5637
Source: SL Green
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