One Vanderbilt Ave., construction on June 4, 2019/ Photo by Betsy Kim
NEW YORK CITY—Sentinel Capital Partners signed a 28,448-square-foot, 15-year lease to occupy the full 51st floor at SL Green Realty Corp.'s One Vanderbilt Ave. The asking rent is $175 per square foot according to a source close to the deal.
This brings the 1.7 million square-foot building to 59% leased ahead of its scheduled opening in August 2020. Construction has now reached the 73rd floor, with steel construction scheduled to top out later this summer.
Other key tenants in the new Midtown East skyscraper are from the financial, banking and legal industries. They include the Carlyle Group, TD Securities and TD Bank, McDermott, Will & Emery, Greenberg Traurig, KPS Capital Partners, DZ and DVB Banks, and MFA Financial Inc. SL Green Realty Corp. will also set up its headquarters in the building. In addition, Daniel Boulud has leased space to open a restaurant.
The American Institute of Architects recognized One Vanderbilt and its architecture firm, Kohn Pedersen Fox Associates, with its 2018 AIA NY Merit Award in Urban Design. Taking up a full city block, the building extends from Madison to Vanderbilt avenues, and from E. 42nd to E. 43rd streets. Adjacent to Grand Central Terminal, the building will create direct connections to surrounding public transit. As part of the deal to allow zoning for its height prior to the passing of the Midtown East rezoning, SL Green agreed to invest $220 million in private funds to upgrade the transit system.
Newmark Knight Frank's Lance Korman and Brian Waterman represented Sentinel Capital Partners. CBRE's Robert Alexander, Ryan Alexander, Emily Jones and Alex D'Amario represented SL Green.
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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.
