McKinsey considers taking 250K sf at
One Vanderbilt

Consulting firm would be second major tenant for 1.7M sf tower
September 20, 2017 08:30AM

Marc Holliday and rendering of One Vanderbilt

Global consulting firm McKinsey & Co. is weighing a move to SL Green’s One Vanderbilt tower.

The company is looking at 250,000 square feet of space at the under-construction tower being built next to Grand Central. So far, the 1.7 million-square-foot project, has a single anchor tenant, TD Bank, which inked a deal for 200,000 square feet back in 2014.

In January, SL Green sold a stake in One Vanderbilt to the National Pension Service of Korea and Hines. The deal pumped $525 million in equity into the project. SL Green CEO Marc Holliday has said the REIT expects its office tower to throw off net operating income of nearly $200 million a year when it’s fully leased.

Representatives of the developers have told analysts they’re “trading paper” with prospective tenants, and could end up with two to three tenants that take 100,000 to 200,000 square feet. Sources said asking rents on the lower floors will range from the $130s to $140s per square foot.

McKinsey, which is headquartered at 55 East 52nd Street, also has 50,000 square feet at SL Green’s 711 Third Avenue, where it signed a 15-year deal in 2014 to occupy the entire fourth floor. [NYP] — E.B. Solomont