One Vanderbilt, or One Vanderbilt Place, is a proposed skyscraper in Midtown, Manhattan at Grand Central Terminal. If completed, it is expected to measure 1,404 feet tall and contain over 1.6 million square feet of space. If the building reaches the expected height, it will become the second tallest building in New York after One World Trade Center. (However, the Nordstrom Tower development has a listed an expected height of 1,775 feet, which would make it taller than One Vanderbilt.) Construction on One Vanderbilt is scheduled to begin in 2015 and finish in 2020, although some construction plans are pending approval from a joint community board and the City of New York who would like to see the building have access to Grand Central Terminal and to provide $210 million in station improvements.
The project is being developed by New York REITSL Green Realty. Early tenant commitments include TD Bank, who have already signed for 200,000 square feet of office space beginning in the year 2020.
In early 2015, Harvard professor Laurence Tribe argued that the construction of One Vanderbilt would be unconstitutional due to the decision of the City Planning Commission to grant the air rights on top of Grand Central to SL Green, which Grand Central Terminal landlord Andrew S. Penson claims as his own.
While residential-focused real estate investment trusts like AvalonBay Communities and Equity Residential saw double-digit returns mirrored by positive stock price performance last year, their office...