SL Green Midtown Building.
NEW YORK CITY – SL Green Realty Corp., a New York City-based real estate investment trust, SL Green Realty Corp. has signed three leases totaling 292,000 square feet at One Vanderbilt Avenue, a 67-floor skyscraper adjacent Grand Central Terminal and at 555 West 57th St., dubbed the BMW Manhattan building.
The two leases at One Vanderbilt comprise investment firm Oak Hill Advisors' occupation of the entire 16th floor totaling 45,954 square feet over 15 years, and investment firm Carlyle Group's 15-year lease to occupy 33,034 square feet on the 34th floor, making it the sole occupant on the level for a total footprint of 160,778 square feet across floors 34 through 38.
In addition, The Carlyle Group, a global investment firm, has expanded its 15-year lease to occupy an additional 33,034 square feet on the entire 34th floor, bringing its total footprint to 160,778 square feet across floors 34 through 38. This marks The Carlyle Group's second lease expansion in One Vanderbilt since signing its initial lease in July 2018.
In addition to The Carlyle Group and Oak Hill Advisors, also on the tenant roster is Sentinel Capital Partners, a leading private equity firm; TD Securities and TD Bank, banking and investment firms; law firms Greenberg Traurig and McDermott, Will & Emery; private equity firm KPS Capital Partners; global German financial firms DZ Bank and DVB Bank; publicly traded real estate investment trusts MFA Financial and SL Green Realty Corp.
Construction for the office tower is more than three months ahead of schedule and $100 million under budget. When opened, tenants will have access to amenities that include a 30,000-square-foot tenant-only amenity floor with large format meeting spaces, club-style lounge and outdoor terrace and an 11,000-square-foot high-design restaurant from world-renowned chef, Daniel Boulud.
At 555 West 57th St., the BMW of Manhattan signed a 10-year lease renewal for 227,000 square feet, which includes the continued occupancy of the entire second, third and fourth floors, and portions of the ground and concourse levels.
The 20-story building overlooks the Hudson River and Manhattan skyline. Its tenant roster includes CBS Broadcasting, Inc., City University of New York, Greater New York Hospital Association, and Mt. Sinai/Beth Israel. SL Green retrofitted the former Ford Motors Building for a modern appearance with renovated entrances, an outdoor plaza, hallways, and bathrooms.
The inked leases add to the REIT's momentum to fortify its portfolio into year-end. In addition, the firm is selling off static assets to identify opportunities for reinvestment, said Marc Holliday, chairman and CEO at the firm, on the REIT's October earnings call. Read more here.
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.
Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
