The Real Deal New York

It’s filling up: Law firm signs big lease at SL Green’s One Vanderbilt

McDermott Will & Emery will move into building, which is now about 31% leased
April 25, 2018 09:00AM

Marc Holliday and One Vanderbilt

SL Green Realty has landed another tenant for its project at One Vanderbilt: Chicago law firm McDermott Will & Emery.

The company has signed a lease for 106,000 square feet at the project, which should be finished in 2020 and stand 1,401 feet tall, according to the Wall Street Journal. The building is now 31 percent leased, and SL Green hopes to have it 37 percent leased by the end of the year.

Asking rents for McDermott Will’s floors were more than $160 per square foot, almost double the average Midtown rent of about $80 per square foot. However, SL Green still maintains they can fully lease the building due to its location and layouts. Amenities include conference spaces, an auditorium, an outdoor terrace and a restaurant from chef Daniel Boulud.

Although Midtown’s traditional office neighborhoods have faced more competition in recent years from places like Hudson Yards, the Grand Central area has still been holding its own and landed a big win earlier this year when JPMorgan Chase announced plans to demolish its building at 270 Park Avenue and construct a new 2.5 million-square-foot headquarters.

Other leases at One Vanderbilt include the law firm Greenberg Traurig, which signed a deal for more than 130,000 square feet, and TD Bank, which signed a 200,000-square-foot lease—the building’s largest—in 2014. [WSJ] – Eddie Small