NEW YORK--(BUSINESS WIRE)--
McDermott Will & Emery Expands
Groundbreaking Midtown building now 57% leased
SL Green Realty Corp. (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