SL Green Breaks Ground on One Vanderbilt Avenue

1,401-foot-tall skyscraper at doorstep of Grand Central Terminal

to reshape city skyline and transform the 21st

century workplace


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

and follow its progress at @one_vanderbilt on Instagram

and Twitter.

High-resolution images of One Vanderbilt can be downloaded at

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

or contact Investor Relations at (212) 594-2700.


Josh Berkman

Source: SL Green Realty Corp.

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