NEW YORK CITY—TD Bank has signed a long-term lease to become the office and retail anchor tenant at One Vanderbilt, SL Green's proposed tower adjacent to Grand Central Terminal.
TD Bank will occupy approximately 200,000 square feet of space in the building, including a flagship retail store on the northeast corner of 42nd street and Madison avenue. SL Green will deliver TD Bank its space in One Vanderbilt in 2020.
Though the move was expected, the signing of the lease makes the deal official and marks another step forward in SL Green's plan to build One Vanderbilt, a 1.6 million-square-foot Class A office tower that will span the entire block of Vanderbilt avenue between east 42nd and east 43rd Streets.
Says SL Green president Andrew Mathias, “Securing a major tenant of TD Bank's caliber more than five years before One Vanderbilt is due to open makes a tremendous statement about this iconic building and the need for new, modern and efficient office space in East Midtown. We are grateful to Mayor de Blasio and his administration for their vision in supporting the modernization of the Vanderbilt Corridor and a project that will generate $210 million in public improvements.
Adds Christopher Giamo, regional president, TD Bank's metro New York market, “The move to One Vanderbilt will allow us to consolidate our New York City offices into one regional headquarters, and it will offer an outstanding experience and great brand visibility for our employees and our customers. This move underscores our commitment to the New York market and solidifies our presence as a major North American financial institution.”
Deputy Mayor for Housing and Economic Development Alicia Glen notes, “We've set out to ensure East Midtown can compete for the companies and jobs of the 21st century. The announcement that TD Bank will anchor One Vanderbilt is exciting news that will strengthen our position as the global financial capital.”
Further, she declares, “What's significant is that TD Bank has made this choice not because of tax breaks or subsidies but because of sound investments we are fostering in new office space and infrastructure. This is a model for how we intend to keep our economy growing.”
As part of the development, SL Green will deliver a $210 million package of public transit infrastructure improvements. One Vanderbilt is currently undergoing the City's formal public review process, expected to conclude next spring.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
