SL Green Closes $1.5 Billion Construction Financing, Paving Way for One Vanderbilt Development


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

property owner, today announced that it has closed on $1.5 billion of

construction financing for One Vanderbilt, ensuring that the

1,401-foot-tall, state-of-the-art office tower, will soon rise adjacent

to Grand Central Terminal in Midtown Manhattan. One Vanderbilt will

include direct connections to Grand Central’s network of mass transit,

improved by $220 million in upgrades SL Green is implementing as part of

the project.

The facility, led by Wells Fargo Bank, N.A. as Administrative Agent, The

Bank of New York Mellon, JP Morgan Chase Bank, TD Bank, N.A., and Bank

of China, as Syndication Agents, and Landesbank Baden-Württemberg as

Documentation Agent, has a term of up to 7 years and bears interest at a

floating interest rate of 3.50% over LIBOR, with the ability to reduce

the spread to as low as 3.00% upon achieving certain pre-leasing and

completion milestones.

“Closing on the construction financing means that nothing stands in the

way of One Vanderbilt becoming an iconic addition to the Manhattan

skyline,” commented SL Green Managing Director, Robert Schiffer. “One

Vanderbilt will set a new standard for trophy buildings in Midtown

Manhattan. It will respond to the needs of the modern workforce,

offering tenants technologically advanced, Class A office space with

best-in-class amenities and unparalleled proximity to public


One Vanderbilt will encompass an entire block adjacent to Grand Central

Terminal, bounded by Madison and Vanderbilt Avenues as well as 42nd and

43rd Streets. Vertical construction will begin in the second quarter of

2017, and is expected to be completed in 2020. Tishman Construction will

manage the project.

Designed by Kohn Pederson Fox, the 58-floor, 1.6 million

rentable-square-foot trophy tower will be the tallest building in

Midtown and the second tallest in New York City. In 2014, TD Bank signed

a 20-year, 200,000-square-foot lease, which includes its retail flagship

store, making it the first office and retail anchor tenant in the


One Vanderbilt will feature stunning views through floor-to-ceiling

windows and direct, underground access to Grand Central Terminal where

the future Long Island Railroad’s (LIRR’s) East Side Access project will

connect Long Island commuters to East Midtown for the first time.

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.


Matt DiLiberto
Chief Financial Officer
Rob Schiffer

SL Green Realty Corp.
(212) 594-2700

(646) 616-6768

Source: SL Green Realty Corp.

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