Oak Hill Advisors Leases Entire 16th Floor
The Carlyle Group Expands for Second Time onto Entire 34th Floor
Iconic Tower Now 64% Leased
NEW YORK--(BUSINESS WIRE)--Oct. 29, 2019--
SL Green Realty Corp., New York City’s largest office landlord, today announced that it has signed two new leases at One Vanderbilt Avenue. The East Midtown tower, which will open in August 2020, topped out at 1,401 feet in September and is now 64 percent leased.
Oak Hill Advisors signed a 15-year, 45,954-square-foot lease covering the entire 16th floor. Oak Hill Advisors is a leading alternative investment firm with approximately $34 billion under management across performing and distressed credit related investments in North America, Europe and other geographies.
In addition, The Carlyle Group, a global investment firm, has expanded its 15-year lease to occupy an additional 33,034 square feet on the entire 34th floor, bringing its total footprint to 160,778 square feet across floors 34 through 38. This marks The Carlyle Group’s second lease expansion in One Vanderbilt since signing its initial lease in July 2018.
“We’re excited to welcome Oak Hill Advisors to join an exceptional roster of tenants at One Vanderbilt and we are proud that The Carlyle Group has continued its expansion with us,” said Steven Durels, Executive Vice President and Director of Leasing and Real Property at SL Green, who added “As a defining part of the New York City skyline, there’s no question that One Vanderbilt has created a new, elevated category of office space in New York.”
Construction is more than three months ahead of schedule and $100 million under budget on the skyline-defining tower, while SL Green’s unprecedented $220 million private investment to improve Grand Central’s public transit infrastructure has already begun to materialize. Oak Hill Advisors joins a star roster of top-tier financial, banking and legal firms that have committed to One Vanderbilt. In addition to The Carlyle Group, other tenants include Sentinel Capital Partners, a leading private equity firm; TD Securities and TD Bank, major banking and investment firms which provide a wide range of capital markets products and services; prestigious law firms Greenberg Traurig and McDermott, Will & Emery; private equity firm KPS Capital Partners; global German financial firms DZ Bank and DVB Bank; publicly traded real estate investment trusts MFA Financial and SL Green Realty Corp.
Anchoring the modernization of East Midtown, One Vanderbilt will provide tenants with an impressive slate of amenities unrivaled in New York City, including a 30,000-square-foot tenant-only amenity floor with large format meeting spaces, club-style lounge and an extraordinary outdoor terrace. Immediately adjacent to Grand Central Terminal, the building will create direct connections to the surrounding transit network. The building will also include an 11,000-square-foot high-design restaurant from world-renowned chef, Daniel Boulud.
The American Institute of Architects (AIA) recognized One Vanderbilt and its architecture firm, Kohn Pedersen Fox (KPF) Associates, with the prestigious 2018 AIA NY Merit Award in Urban Design. Encompassing an entire city block, the building is bounded by Madison and Vanderbilt Avenues to the west and east, and East 43rd and East 42nd Streets to the north and south. Expected to achieve both LEED Gold under version 4.0 and WELL certification, the trophy tower will feature floor-to-ceiling slab heights ranging from 14'6" to 24', column-free floor plates, stunning 360-degree views through floor-to-ceiling windows and best-in-class infrastructure.
Lance Korman, Brian Waterman and Jared Horowitz of Newmark Knight Frank represented Oak Hill Advisors while Joseph Messina, Steven Rotter, Greg Lubar, Steven Spartin, Jessica Berkey and Andrew Lutzer of JLL represented The Carlyle Group. Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE represented the landlord for both transactions.
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 September 30, 2019, SL Green held interests in 93 Manhattan buildings totaling 45.0 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 17.8 million square feet securing debt and preferred equity investments. In addition, SL Green held ownership interests in 7 suburban properties comprised of 15 buildings totaling 2.3 million square feet in Brooklyn, Westchester County, and Connecticut.
SLG – LEAS
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Source: SL Green Realty Corp.
Chief Financial Officer
SL Green Realty Corp.