{"id":1004738291,"date":"2024-11-22T04:46:41","date_gmt":"2024-11-22T12:46:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004738291"},"modified":"2024-11-22T07:31:12","modified_gmt":"2024-11-22T15:31:12","slug":"sl-green-sells-stake-in-manhattan-skyscraper","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-stake-in-manhattan-skyscraper\/","title":{"rendered":"SL Green Sells Stake in Manhattan Skyscraper"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/One-Vanderbilt-Avenue.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"720\" height=\"540\" data-attachment-id=\"1004738294\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-stake-in-manhattan-skyscraper\/one-vanderbilt-avenue\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/One-Vanderbilt-Avenue.jpg\" data-orig-size=\"720,540\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"One Vanderbilt Avenue\" data-image-description=\"&lt;p&gt;Exterior shot of One Vanderbilt Avenue in Midtown Manhattan.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The 1.7 million-square-foot One Vanderbilt Avenue came online in 2020 and features about 187,000 square feet of retail space. Image courtesy of Mori Building Co.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/One-Vanderbilt-Avenue.jpg?w=720\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/One-Vanderbilt-Avenue.jpg\" alt=\"Exterior shot of One Vanderbilt Avenue in Midtown Manhattan.\" class=\"wp-image-1004738294\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/One-Vanderbilt-Avenue.jpg 720w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/One-Vanderbilt-Avenue.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/a><figcaption class=\"wp-element-caption\">The 1.7 million-square-foot One Vanderbilt came online in 2020 and features about 187,000 square feet of retail space. <em>Image courtesy of Mori Building Co.<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>SL Green Realty Corp. has sold an 11 percent ownership interest in One Vanderbilt, its 1.7 million-square-foot skyscraper in Manhattan. Mori Building Co. acquired the stake in a deal that valued the property at $4.7 billion.<\/p>\n\n\n\n<p>SL Green will continue to own a 60 percent stake in the 59-story tower that was fully leased at the time of closing. The National Pension Service of Korea owns a 27.6 percent interest in the property, while Hines owns 1.4 percent, according to <em>The Real Deal<\/em>.<\/p>\n\n\n\n<p>Last year, an affiliate of <a href=\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-stake-in-manhattan-office-tower\/\">Mori Trust Co. purchased a 49.9 percent stake<\/a> in SL Green\u2019s 245 Park Ave., a 1.8 million-square-foot tower less than a mile from One Vanderbilt. That transaction valued the asset at $2 billion.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-vacancy-sees-modest-year-over-year-decline\/\">Manhattan Office Shows Strength in a Still Lackluster Market<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Designed by Kohn Pedersen Fox Associates, the high-rise came online in 2020 in Midtown Manhattan. In June 2021, the developer took out a $3 billion permanent CMBS loan from Wilmington Trust and originated by Wells Fargo Bank, according to CommercialEdge information.<\/p>\n\n\n\n<p>The LEED Platinum-certified building features 35,846-square-foot floorplates, 187,000 square feet of retail space, the SUMMIT One Vanderbilt observation deck, a 30,000-square-foot amenity floor with a 140-seat auditorium and a 30-seat boardroom, social spaces and an expansive outdoor terrace. The skyscraper also has multiple dining options.<\/p>\n\n\n\n<p>The transit-oriented tower rising at 1 Vanderbilt Ave. is also close to the Rockefeller Center and less than a mile from the Empire State Building.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-manhattan-s-office-sector-shows-signs-of-improvement\">Manhattan&#8217;s office sector shows signs of improvement<\/h2>\n\n\n\n<p>Manhattan&#8217;s <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-office-transactions\/\">office investment volume<\/a> in the first 10 months of the year totaled nearly $3.3 billion, leading nationally, according to a recent <a href=\"https:\/\/www.commercialsearch.com\/news\/commercialedge-office-report-october\/\">CommercialEdge office report<\/a>. The price per square foot averaged $344, almost twice the national average of $177. Additionally, the borough\u2019s vacancy rate in October clocked in at 16.7 percent, below the 19.4 percent national index.<\/p>\n\n\n\n<p>The market is showing metric improvements, especially in vacancy rate drops and steady investment volume. Earlier this week, <a href=\"https:\/\/www.commercialsearch.com\/news\/savanna-pays-255m-for-manhattan-office-asset\/\">Savanna bought 799 Broadway<\/a>, a 176,588-square-foot office building for $255 million. Columbia Property Trust and Cannon Hill Capital Partners sold the asset for about $1,444 per square foot.<\/p>\n\n\n\n<p>In September, <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-nyc-office-building-sales-september-2024\/\">Bushburg entered the market<\/a> with the purchase of 110 Maiden Lane, a 38-story, 1.1 million-square-foot tower in the borough\u2019s Financial District. Rudin sold the property for $160 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This deal values the property at $4.7 billion.<\/p>\n","protected":false},"author":3355,"featured_media":1004738294,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1600,21742,10,21747],"tags":[37172,34964],"class_list":["post-1004738291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-mori-building-company","tag-sl-green-realty-corp"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SL Green Sells Stake in Manhattan Skyscraper - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Mori Building Co. acquired an 11 percent stake in One Vanderbilt, an office skyscraper in Manhattan, from SL Green Corp.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-stake-in-manhattan-skyscraper\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SL Green Sells Stake in Manhattan Skyscraper\" \/>\n<meta property=\"og:description\" content=\"Mori Building Co. acquired an 11 percent stake in One Vanderbilt, an office skyscraper in Manhattan, from SL Green Corp.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-stake-in-manhattan-skyscraper\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-22T12:46:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-22T15:31:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/One-Vanderbilt-Avenue.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"540\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vicentiu Fusea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-stake-in-manhattan-skyscraper\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-stake-in-manhattan-skyscraper\/\",\"name\":\"SL Green Sells Stake in Manhattan Skyscraper - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-stake-in-manhattan-skyscraper\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-stake-in-manhattan-skyscraper\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/One-Vanderbilt-Avenue.jpg\",\"datePublished\":\"2024-11-22T12:46:41+00:00\",\"dateModified\":\"2024-11-22T15:31:12+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412\"},\"description\":\"Mori Building Co. acquired an 11 percent stake in One Vanderbilt, an office skyscraper in Manhattan, from SL Green Corp.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-stake-in-manhattan-skyscraper\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-stake-in-manhattan-skyscraper\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-stake-in-manhattan-skyscraper\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/One-Vanderbilt-Avenue.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/One-Vanderbilt-Avenue.jpg\",\"width\":720,\"height\":540,\"caption\":\"The 1.7 million-square-foot One Vanderbilt Avenue came online in 2020 and features about 187,000 square feet of retail space. 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