McDermott Will & Emery Expands
Groundbreaking Midtown building now 57% leased
NEW YORK–(BUSINESS WIRE)–Apr. 17, 2019–
SL Green Realty Corp. (NYSE:SLG), New York City’s largest office
landlord, today announced that KPS Capital Partners LP, a leading global
private equity firm, has signed a 28,024 square foot, 15-year lease to
occupy the entire 52nd floor at One Vanderbilt, the
1,401-foot office tower in East Midtown set to reshape the New York City
skyline. In addition, McDermott Will & Emery LLP, a premier
international law firm, has expanded its 20-year lease by an additional
14,276 square feet. McDermott Will & Emery will now lease 129,489square
feet on floors 44 through 47, in addition to the entire 67th
floor.
A sign of its successful leasing and construction progress, the building
is now 56.9% leased ahead of its planned August 2020 opening, while the
building super structure has now reached 1,088 feet, the height of the
planned observatory, with steel construction scheduled to top out in the
second half of this year.
“We’re proud to welcome KPS Capital Partners to One Vanderbilt Avenue,”
saidSteven Durels, Executive Vice President and Director of Leasing
and Real Property at SL Green. “Leasing momentum has continued at a
brisk pace. One Vanderbilt has redefined what a best in class building
should be and leading businesses like KPS Capital Partners and McDermott
Will & Emery recognize that One Vanderbilt will provide a superior work
environment for their employees, leading to enhanced employee
recruitment and retention.”
“As the premier building in New York, One Vanderbilt is a worthy home
for the firm and franchise we have built over three decades. We
confidently look forward to continued success in a true world class
location,” said Michael Psaros, a Co-Founder and Co-Managing Partner
of KPS Capital Partners.
KPS Capital Partners joins a distinguished roster of top-tier financial,
banking and legal firms that have committed to relocating to
One Vanderbilt. Other tenants previously announced at the building
include: TD Securities and TD Bank, a leading banking and investment
firm that provides a wide range of capital markets products and
services; one of the nation’s largest law firms, Greenberg Traurig;
global German financial firms DZ and DVB Banks; publicly traded real
estate investment trust MFA Financial Inc.; and SL Green Realty
Corp. Additionally, award-winning chef Daniel Boulud has partnered with
SL Green to create a signature restaurant experience in the building.
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. Anchoring the modernization of East
Midtown, One Vanderbilt will provide tenants with a combination 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 extraordinary outdoor terrace. Immediately adjacent to Grand
Central Terminal, the building will create direct connections to the
surrounding transit network. In addition, SL Green is investing an
unprecedented $220 million in private funds to upgrade the transit
system.
Mark Weiss and Alan Wildes of Cushman & Wakefield represented KPS
Capital Partners. Moshe Sukenik and Noel Flagg of Newmark Knight Frank
represented McDermott, Will & Emery. Robert Alexander, Ryan
Alexander, Emily Jones and Alex D’Amario of CBRE represented the
landlord on 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 December 31, 2018, SL
Green held interests in 101 Manhattan buildings totaling 46.0 million
square feet. This included ownership interests in 27.8 million square
feet of Manhattan buildings and 18.2 million square feet of buildings
securing debt and preferred equity investments. In addition, SL Green
held ownership interests in 7 suburban properties comprised of 15
suburban buildings totaling 2.3 million square feet in Brooklyn,
Westchester County, and Connecticut
SLG-LEAS
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Source: SL Green Realty Corp.
SL Green Realty Corp.
slgreen@berlinrosen.com
646.452.5637