New York City—McDermott Will & Emery has signed a 20-year lease for 105,539 square feet at SL Green Realty Corp.'s 1,401-foot tower, One Vanderbilt Ave. The international law firm will occupy the floors 44 through 46 and the 67th floor.
One Vanderbilt is currently 31% leased, two years ahead of its planned 2020 opening and on track to meet SL Green's goal of being 37% leased by the end of 2018.
“Global business leaders like McDermott Will & Emery are choosing One Vanderbilt because it offers the most advanced and amenitized new office construction right at the doorstep to Grand Central Terminal in the heart of East Midtown,” says Andrew Mathias, president of SL Green. He opines that the strong interest in One Vanderbilt reaffirms East Midtown as the premier business destination in New York City.
“We have significantly grown our footprint and diversified our client offerings in New York, and we're confident that the move to One Vanderbilt will help us build an even more formidable presence in the city,” says John Yoshimura, COO of McDermott Will & Emery.
Other tenants in the building include law firm Greenberg Traurig, TD Bank, DZ Bank and DVB Bank. In addition, the well-known chef Daniel Boulud will operate an 11,000 square-foot restaurant and café. The Commercial Observer reports that the asking rent was in the $160s per square foot. The $3.1 billion tower was designed by architecture firm, Kohn Pedersen Fox Associates.
The building was approved prior to the city's establishment of the East Midtown rezoning. However, the development has come to symbolize anchoring the redevelopment and modernizing construction in the district. One Vanderbilt will provide direct connections to the Grand Central Terminal transit and SL Green will invest $220 million in the system's infrastructure upgrades.
Moshe Sukenik and Noel Flagg of Newmark Knight Frank represented McDermott Will & Emery. Robert Alexander, Sarah Pontius, Ryan Alexander and Emily Jones of CBRE represented the landlord.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
