SL Green Realty has sold an 11% stake in One Vanderbilt, a premier office skyscraper in Midtown Manhattan, to Japanese firm Mori Building Co. The deal values the trophy property at an impressive $4.7 billion.
The sale reduces SL Green's ownership in the building to 60%, with other stakeholders including the National Pension Service of Korea and property investment firm Hines.
Standing at 1,401 feet tall, One Vanderbilt has quickly become a landmark in the Manhattan skyline since its opening in 2020. Despite launching during the challenging times of the pandemic, the skyscraper is currently 100% leased, having attracted top-tier finance, tech, and law firms, including Carlyle Group and Toronto-Dominion Bank.
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One Vanderbilt also commands premium rents. In April 2022, a Canadian company leased the 73rd floor, the highest office floor, at an asking rent of $322 per square foot, potentially setting a record for the city.
This transaction underscores the enduring appeal of well-located, high-quality office spaces in prime urban centers, according to Marc Holliday, CEO of SL Green, who said in prepared remarks that One Vanderbilt "has continued to demonstrate that well-located, highly amenitized and sustainable buildings will attract premier tenants and prestigious investors".
The deal follows SL Green's transaction with Mori Trust Co., involving a stake in 245 Park Ave.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
