SL Green Announces Agreement with Midtown TDR Ventures to Resolve One Vanderbilt Litigation


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

landlord, today announced an agreement with Midtown TDR Ventures whereby

the litigation regarding SL Green’s One Vanderbilt, an iconic new office

tower under construction adjacent to Grand Central Terminal, will be

withdrawn. The settlement will resolve the legal claims against SL Green

and the City of New York that Midtown TDR Ventures asserted to

invalidate the Vanderbilt Corridor rezoning amendment and the One

Vanderbilt special permit, thereby eliminating uncertainty surrounding

the building. The new office tower and $220 million in planned transit

improvements will move forward as planned, and as approved by the New

York City Council.

“This is a major milestone for the future of East Midtown, clearing the

way for One Vanderbilt to deliver state-of-the-art Class A office space

and a $220 million investment in Grand Central’s transit

infrastructure,” said Marc Holliday, CEO of SL Green Realty Corp. “We’re

pleased that the new ownership of Midtown TDR Ventures shares our

commitment to development in East Midtown and worked with us to quickly

reach this agreement. With demolition nearly complete and work already

underway on public improvements, One Vanderbilt is well on the way to

becoming a reality.”

One Vanderbilt is bounded by Vanderbilt Avenue and Madison Avenue

between East 42nd and East 43rd Streets in Manhattan’s East Midtown

business district. The skyscraper will be 1,401 feet tall, and will

contain 1.7 million gross 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. As part of the development, SL

Green will invest $220 million in public infrastructure in and around

Grand Central Terminal.

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 June 30, 2016, the

company held interests in 119 Manhattan buildings totaling 44.7 million

square feet. This included ownership interests in 28.1 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. For more information, please visit:


Jeremy Soffin

Source: SL Green Realty Corp.

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