One Vanderbilt under construction/ Photo by Max Touhey
NEW YORK CITY—TD Securities signed leases totaling 171,322 square feet in two SL Green owned office buildings. The investment bank and financial services provider signed a 20-year lease for 118,872 square feet, occupying the entire 10th and 12th floors and a portion of the 11th floor at One Vanderbilt Ave. TD Securities will join its affiliate TD Bank, which previously committed to 193,159 square feet of office space at the trophy tower.
The office portion of One Vanderbilt is now 52% leased, nearly two years ahead of the construction's completion. It is scheduled to open in August 2020. Last month, GlobeSt.com took a tour and provided an update on the development's progress including a slideshow. SL Green stated asking rents were in the range of $140 per square foot for base floors to $200 and up on upper tower levels. The New York Post reported asking rents were $160 per square foot on middle to higher floors.
TD Securities will take an additional 52,450 square feet of office space on the 19th and 20th floors at SL Green's nearby building, 125 Park Ave.
SL Green will also move into 70,000 square feet on the 27th and 28th floors at One Vanderbilt, relocating its headquarters from 420 Lexington Ave.
Other tenants in the 1,401 foot high, 77-story, $3.1 billion skyscraper will include the Carlyle Group and Greenberg Traurig. In addition, MFA Financial Inc., a publicly traded REIT, signed a 15-year lease for the entire 47th floor, totaling 30,000 square feet. The law firm McDermott Will & Emery expanded their 20-year lease, renting an additional 10,000 square feet. They will occupy floors 44 through 46 and floor 67. Daniel Boulud's restaurant Dinex will also open in the Midtown East building.
SL Green refinanced the project's construction facility increasing it from $1.5 billion to $1.75 billion, decreasing the interest rate by 75 basis points. The company states the improved terms were due to the rapid pace of leasing and construction. The project broke ground in 2016, and has been constructed up to the 60th floor.
Earlier this year, the American Institute of Architects (AIA) honored One Vanderbilt and its architecture firm, Kohn Pedersen Fox (KPF) Associates, with the AIA NY Merit Award in Urban Design.
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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.
