1,401-foot-tall skyscraper at doorstep of Grand Central Terminal
to reshape city skyline and transform the 21st
NEW YORK--(BUSINESS WIRE)--
SL Green Realty Corp. (NYSE:SLG) today broke ground on One
Vanderbilt Avenue, a state-of-art office skyscraper that will anchor
the modernization of the East Midtown business district and stand as the
second tallest tower in New York City. Rising adjacent to Grand Central
Terminal, One Vanderbilt will include direct connections to its network
of mass transit, improved by $220 million in upgrades that SL Green is
implementing as part of the project.
To mark the construction milestone, SL Green Chief Executive Officer,
Marc Holliday, was joined by elected officials and partners, including
New York City Mayor, Bill de Blasio, Congresswoman, Carolyn Maloney,
Manhattan Borough President, Gale Brewer and Councilmember, Dan
Garodnick, at an on-site groundbreaking ceremony.
"One Vanderbilt will be a high-performing addition to the Manhattan
skyline serving as a blueprint for 21st century commercial
development," said SL Green CEO Marc Holliday. "As the largest
commercial property owner in New York, we are proud to partner with the
City to create a model for unsubsidized development that drives our
economy and makes a critical contribution to its infrastructure."
"This new office building, transit upgrades at Grand Central, and
expanded pedestrian space are what I call smart growth. We demanded and
secured private investments into important City infrastructure that put
hundreds of thousands of straphangers first. This strategy helps to keep
our city competitive while improving the lives of New Yorkers," Mayor
de Blasio said.
"Not only will One Vanderbilt Avenue be a new iconic tower in the heart
of New York City, but with $220 million in public improvements, it will
revolutionize the way we use Grand Central Terminal and midtown," said
Congresswoman Carolyn B. Maloney (D-NY12). "This is a great example
of a public-private partnership, where the public gets new open space
and better access to transportation. I want to thank SL Green for being
a thoughtful and generous participant in a land use process that really
took into account the community's needs."
"It's gratifying to be breaking ground not just on this building, but on
what it represents: a massive investment in our transit and pedestrian
infrastructure, and a first step toward the future of East Midtown," said
Manhattan Borough President Gale A. Brewer. "When development is
done carefully, collaboratively, and produces real investments in the
public realm that improve the neighborhood, everyone wins."
"This is an exciting new day for East Midtown, where our rules are not
only promoting growth but also matching it with extraordinary transit
improvements," said Councilmember Dan Garodnick. "The result will
be class A office buildings, and just as importantly, a class A office
district. We expect that One Vanderbilt is going to set an important
precedent for the rest of East Midtown."
"East Midtown has been the premier economic engine of New York City for
many years, a title that One Vanderbilt will help it retain," said
City Planning Commission Chairman Carl Weisbrod. "By committing to
$220 million in public investment, One Vanderbilt will benefit not only
its tenants but the city as a whole. As we move forward with a proposal
to revitalize Greater East Midtown, we believe that One Vanderbilt will
signal this neighborhood's full potential. For East Midtown, the best is
yet to come."
Designed by Kohn Pedersen Fox (KPF) Associates, One Vanderbilt will
encompass an entire city block, bounded by Madison and Vanderbilt
Avenues to the west and east, and East 43rd and East 42nd Streets to the
north and south. Standing 1,401 feet tall, the building's tapered form
will pay tribute to New York's iconic skyscrapers, while its sharp lines
and bold angles will punctuate Manhattan's skyline with an elegant, 21st-century
articulation. At its base along 42nd Street, the building will set back
at an angle to permanently reveal Grand Central's majestic Vanderbilt
cornice - a view that has been obstructed for nearly a century.
Expected to achieve the highest possible LEED certification, the trophy
tower will offer 1.7 million square feet of Class-A office space across
58 floors, featuring column-free floors and stunning views through
floor-to-ceiling windows. One Vanderbilt will also offer tenants floor
to ceiling slab heights ranging from 14'6" to 20', a 30,000-square-foot
tenant-only amenity floor and world-class dining.
"One Vanderbilt will not only emerge as an elegant, tapered new icon on
the New York skyline, but will also serve as a leading example of a
global trend of connecting train stations to tall towers," said James
von Klemperer, FAIA, RIBA, President of Kohn Pedersen Fox Associates.
"This building will change its neighborhood for the better. It will
provide a new gateway to the city made possible only through the
unusually harmonious partnership between architect, developer, and the
City of New York."
Through SL Green's unprecedented $220 million public infrastructure
investment, One Vanderbilt will transform the commuting experience for
hundreds of thousands of travelers commuting through Grand Central each
day. Specifically, this package of infrastructure upgrades will create a
new jewel box transit hall in the base of One Vanderbilt, a new
14,000-square-foot pedestrian plaza on Vanderbilt Avenue, and enhanced
access into and out of the Grand Central complex for riders of the city
subway system, Metro-North and future Long Island Railroad East Side
SL Green has secured TD Bank as an anchor tenant, set to occupy
approximately 200,000 square feet of office and retail space in One
Vanderbilt, including a flagship store at the corner of 42nd Street and
Madison Avenue. Hines is SL Green's development manager and AECOM's
Tishman Construction is the construction manager. Construction is
expected to be complete in 2020.
"The One Vanderbilt building is a historic addition to the New York City
skyline and we're proud to participate in the financing of this
transformational project," said Gregg Gerken, Head of Commercial Real
Estate for TD Bank. "We also look forward to becoming a tenant. This
building is designed to achieve the highest possible LEED requirements,
which aligns with our commitment to being an environmental leader - and
that's something we know is important to our employees and customers."
"It is a privilege to be a partner with SL Green in this
transformational development," said Tommy Craig, Senior Managing
Director of Hines. "The property's direct connection to Grand
Central Terminal, its remarkable open space at grade, aspirational
architecture and best-in-class technology, will have a catalytic effect
on midtown Manhattan for decades to come."
"As the leading builder of New York's greatest iconic towers, we're
excited to be breaking ground on such a distinctive and visually
stunning building, which will be the cornerstone of a revitalized East
Midtown," said Jay Badame, President of AECOM Tishman. "By
demonstrating a tremendous commitment to an area of New York that needs
new building, SL Green is transforming a neighborhood, and that's
something we are always proud to be a part of."
"Today's groundbreaking is an important step forward in the
modernization and future of Midtown East," said John H. Banks III,
President of the Real Estate Board of New York. "We congratulate SL
Green on this milestone, One Vanderbilt will now become a catalyst for
the creation of good middle class jobs and important tax revenue. This
project will serve the needs of Midtown East's aging office supply and
set new standards in sustainability and design, further ensuring that
New York City remains the center of world commerce, culture, media, and
The MTA worked closely with SL Green as it developed plans for this
iconic new building next to Grand Central securing private sector
investment in transit infrastructure that will make commutes better for
hundreds of thousands of our customers every day," MTA Chairman and CEO
Thomas F. Prendergast said. "The MTA will continue to support innovative
proposals that link development with transit investment, and we hope
that One Vanderbilt is the first of many to come."
Learn more about One Vanderbilt at www.onevanderbilt.com
and follow its progress at @one_vanderbilt on Instagram
High-resolution images of One Vanderbilt can be downloaded at http://bit.ly/2dvv60k.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York City's largest
commercial 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, 2016, the
Company held interests in 119 Manhattan buildings totaling 44.7 million
square feet. This included ownership interests in 28.0 million square
feet of commercial buildings and debt and preferred equity investments
secured by 16.7 million square feet of buildings. In addition, the
Company held ownership interests in 31 suburban buildings totaling 4.9
million square feet in Brooklyn, Long Island, Westchester County,
Connecticut and New Jersey. To be added to the Company's distribution
list or to obtain the latest news releases and other Company
information, please visit our website at www.slgreen.com
or contact Investor Relations at (212) 594-2700.
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Source: SL Green Realty Corp.
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