New York City’s largest landlord has landed two new leases at its trophy office tower One Vanderbilt in East Midtown. Alternative investment firm Oak Hill Advisors inked a 15-year lease for 45,954 square feet, while The Carlyle Group expanded its 15-year lease to take an additional 33,034 square feet at the 1.6 million-square-foot office property.
The new leases come on the heels of SL Green topping out the 1,401-square-foot tower last month, which will eventually become the fourth-tallest building in New York City. One Vanderbilt, situated across the street from Grand Central Terminal, is currently under construction and is slated to open in August 2020. According to the firm, construction at the $3.1 billion supertall tower is currently three months ahead of schedule and $100 million under budget.
A Newmark Knight Frank team of Lance Korman, Brian Waterman and Jared Horowitz represented Oak Hill Advisors in the lease deal, while Joseph Messina, Steven Rotter, Greg Lubar, Steven Spartin, Jessica Berkey and Andrew Lutzer of JLL represented the Carlyle Group. A CBRE team of Ryan Alexander, Emily Jones and Alex D’Amario represented SL Green in both lease transactions.
High-profile design and amenities
Designed by Kohn Pedersen Fox Associates, the 60-story Class A office tower first broke ground in 2016 and encompasses an entire city block of Midtown. The property will include 104,323 square feet of retail space, an 11,000-square-foot restaurant from famed chef Daniel Boulud and a 28,000-square-foot observation deck on floors 57 through 59. Tenants of the building will have access to a 30,000-square-foot amenity floor with large format meeting space, a club-style lounge and an outdoor terrace.
The project will be directly connected to Grand Central Terminal, one of the busiest train stations in the world. SL Green secured a special rezoning permit from the City of New York that allowed the developer to build the towering skyscraper 60 stories, in exchange for promising to invest $220 million in upgrades to the subway system at the bustling transit hub.
SL Green had a special permit approved under Vanderbilt Corridor Rezoning that allowed the developer to build at a greater density in exchange for investing in the public transit improvements.
Oak Hill Advisors and The Carlyle Group join a large roster of finance and equity firms that will open offices at One Vanderbilt, including Sentinel Capital Partners, TD Securities and TD Bank, German firms DZ Bank and DVB Bank, as well as law firms Greenberg Traurig and McDermott.