SL Green plans to renovate 460 W. 34th St. in contrast to the new developments surrounding it./ Image: Google Maps
NEW YORK CITY—First Republic Bank signed a deal with SL Green Realty Corp. to lease 211,521 square feet for 15 years at 460 W. 34th St. The private bank and wealth management company will open up two branches in the same building in the Hudson Yards District.
The bank's retail locations will take up a portion of the ground floor and mezzanine. One branch will be at Tenth Avenue and 33rd Street, and the second at Tenth Avenue and 34th Street. The corporate offices will occupy the entire second through sixth floors.
A source with knowledge of the deal tells GlobeSt.com that the asking rent was $90 per square foot for the office space and $650 per square foot for the retail area. In addition, the source says the move-in date will most likely be January 1, 2020.
In December 2018, SL Green had paid $440 million to purchase a majority, controlling interest in 460 W. 34th St. from the Kaufman Organization, which retained partial ownership. This was SL Green's first major foray into Hudson Yards. At the time of the acquisition, SL Green stated its blended average basis in the property would be $585 per square foot.
SL Green purchased the property once known as the Master Printers Building with plans to reposition it. The developer intends for the redesign to maintain a sense of its original industrial architecture. A comprehensive building overhaul will begin immediately after the sale closes which is expected to occur in May 2019.
The redevelopment will include moving the building's lobby entrance from 34th Street to 33rd Street, constructing a new, glass lobby with nine-foot-high industrial-style windows, and 13.5-foot-high-floor slabs with mushroom-capped columns. It will also include setback terraces. The building will feature a 5,000-square-foot roof deck and a 3,000-square-foot lounge. SL Green will also upgrade the elevators, add double height storefronts and re-color the façade. Once completed, the building will be a 20-story, 638,000-square-foot, Class A office tower.
The source tells GlobeSt.com that the construction is estimated to cost $116 million.
In its release in December announcing the acquisition, SL Green stated the subsequent redevelopment would provide a “creative work environment in contrast to the surrounding new glass skyscrapers.”
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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.
