NEW YORK CITY—Greenberg Traurig has signed a 15-year lease to relocate its New York office to SL Green Realty Corp.'s One Vanderbilt Ave. The 1,401-foot skyscraper is currently being developed next to Grand Central Terminal. The law firm will occupy four contiguous floors, approximately 130,000 to 140,000 square feet in the building.
“Greenberg Traurig could have gone anywhere in New York and made a major statement by choosing to stay in East Midtown, reflecting the incredible demand we're seeing for new construction in the most commuter-friendly location in the city,” says Marc Holliday, CEO of SL Green. “East Midtown is building on its historic status and convenience, with One Vanderbilt's location, amenity and infrastructure proving to be a magnet for the most prestigious companies.”
Richard A. Rosenbaum, executive chairman of Greenberg Traurig, says the move to the new location is a central part of the firm's strategic plan to position its New York presence for a fast-changing global marketplace. He noted the technological innovations offered in the new building will assist in their providing alternative services.
“Our firm will once again be a leader by utilizing both 'new law' space planning in this state-of-the art and perfectly located project in concert with a combination of alternative nearby locations to create an office campus which will collectively provide the most efficient and effective overall solution for our clients and talent alike,” says Rosenbaum.
Greenberg Traurig will move in at the completion of the construction, which is scheduled for the third quarter of 2020. SL Green notes the construction is ahead of schedule, expecting to reach 39-stories by the end of 2018. Earlier this year, One Vanderbilt and its architecture firm Kohn Pedersen Fox (KPF) Associates were recognized with the AIA NY Merit Award in Urban Design.
Newmark Knight Frank's Barry Gosin and Moshe Sukenik represented Greenberg Traurig in this transaction. CBRE brokers Robert Alexander, Emily Jones, Sarah Pontius and Ryan Alexander represented SL Green.
Other tenants in the building include TD Bank, who signed a 200,000 square-foot lease, DZ Bank and DVB Bank. The New York Post reported in September 2017 that asking rents were $135 per square foot in the $3.1 billion tower. The Post also noted that Daniel Boulud will be opening an 11,000 square-foot restaurant on the second floor.
The project is a key component of the modernization of the Midtown business district. The zone was established by the East Midtown rezoning approved in August 2017. The development will provide direct connections to the Grand Central Terminal transit and will invest $220 million in the system's infrastructure upgrades.
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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.
