SL Green Signs KPS Capital Partners at One Vanderbilt Avenue
April 17 2019 - 07:30AM
Business Wire
McDermott Will & Emery Expands
Groundbreaking Midtown building now 57%
leased
SL Green Realty Corp. (NYSE:SLG), New York City’s largest office
landlord, today announced that KPS Capital Partners LP, a leading
global private equity firm, has signed a 28,024 square foot,
15-year lease to occupy the entire 52nd floor at One Vanderbilt,
the 1,401-foot office tower in East Midtown set to reshape the New
York City skyline. In addition, McDermott Will & Emery LLP, a
premier international law firm, has expanded its 20-year lease by
an additional 14,276 square feet. McDermott Will & Emery will
now lease 129,489 square feet on floors 44 through 47, in addition
to the entire 67th floor.
A sign of its successful leasing and construction progress, the
building is now 56.9% leased ahead of its planned August 2020
opening, while the building super structure has now reached 1,088
feet, the height of the planned observatory, with steel
construction scheduled to top out in the second half of this
year.
“We’re proud to welcome KPS Capital Partners to One Vanderbilt
Avenue,” said Steven Durels, Executive Vice President and
Director of Leasing and Real Property at SL Green. “Leasing
momentum has continued at a brisk pace. One Vanderbilt has
redefined what a best in class building should be and leading
businesses like KPS Capital Partners and McDermott Will & Emery
recognize that One Vanderbilt will provide a superior work
environment for their employees, leading to enhanced employee
recruitment and retention.”
“As the premier building in New York, One Vanderbilt is a worthy
home for the firm and franchise we have built over three decades.
We confidently look forward to continued success in a true world
class location,” said Michael Psaros, a Co-Founder and
Co-Managing Partner of KPS Capital Partners.
KPS Capital Partners joins a distinguished roster of top-tier
financial, banking and legal firms that have committed to
relocating to One Vanderbilt. Other tenants previously
announced at the building include: TD
Securities and TD Bank, a leading banking and investment
firm that provides a wide range of capital markets products and
services; one of the nation’s largest law firms, Greenberg
Traurig; global German financial firms DZ and DVB Banks; publicly
traded real estate investment trust MFA Financial Inc.;
and SL Green Realty Corp. Additionally, award-winning
chef Daniel Boulud has partnered with SL Green to create a
signature restaurant experience in the building.
The American Institute of Architects (AIA) recognized
One Vanderbilt and its architecture firm, Kohn Pedersen Fox
(KPF) Associates, with the prestigious 2018 AIA NY Merit Award in
Urban Design. Encompassing an entire city block, the building is
bounded by Madison and Vanderbilt Avenues to the west and
east, and East 43rd and East 42nd Streets to the north
and south. Expected to achieve both LEED Gold under version 4.0 and
WELL certification, the trophy tower will feature floor-to-ceiling
slab heights ranging from 14'6" to 24', column-free floor plates,
stunning 360-degree views through floor-to-ceiling windows and
best-in-class infrastructure. Anchoring the modernization of East
Midtown, One Vanderbilt will provide tenants with a combination of
amenities unrivaled in New York City, including a
30,000-square-foot tenant-only amenity floor with large format
meeting spaces, club style lounge and extraordinary outdoor
terrace. Immediately adjacent to Grand Central Terminal, the
building will create direct connections to the surrounding transit
network. In addition, SL Green is investing an
unprecedented $220 million in private funds to upgrade
the transit system.
Mark Weiss and Alan Wildes of Cushman & Wakefield
represented KPS Capital Partners. Moshe Sukenik and Noel Flagg
of Newmark Knight Frank represented McDermott, Will & Emery.
Robert Alexander, Ryan Alexander, Emily Jones and
Alex D’Amario of CBRE represented the landlord on both
transactions.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York
City's largest office landlord, is a fully integrated real estate
investment trust, or REIT, that is focused primarily on acquiring,
managing and maximizing value of Manhattan commercial properties.
As of December 31, 2018, SL Green held interests in 101 Manhattan
buildings totaling 46.0 million square feet. This included
ownership interests in 27.8 million square feet of Manhattan
buildings and 18.2 million square feet of buildings securing debt
and preferred equity investments. In addition, SL Green held
ownership interests in 7 suburban properties comprised of 15
suburban buildings totaling 2.3 million square feet in Brooklyn,
Westchester County, and Connecticut
SLG-LEAS
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