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

New York /
Apr.April 25, 2018 09:00 AM

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


Related Articles

arrow_forward_ios
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)
SL Green puts Daily News building up for sale
SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green’s locks in big bank lease at Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
(Getty / Photo Illustration by The Real Deal)
Mall landlords turn to pop-up stores to boost revenue
Mall landlords turn to pop-up stores to boost revenue
Photo illustration of Tishman Speyer Properties President Rob Speyer and Brookfield Asset Management CEO Bruce Flatt (iStock, Getty)
Office investors Tishman Speyer, Brookfield put money where mouth is
Office investors Tishman Speyer, Brookfield put money where mouth is
Sure We Can has tried to purchase the property in the past (Facebook via Sure We Can, Getty)
Lifeline for canners needs city’s help to buy redemption center site
Lifeline for canners needs city’s help to buy redemption center site
Shoppers World CEO Sam Dushey with an aerial shot of Green Acres Mall (Shoppers World, Macerich)
Shoppers World to debut in Long Island at former Century 21 site
Shoppers World to debut in Long Island at former Century 21 site
Robert Roche, Ben Kohn and Adam Hochfelder (Getty, WikiMedia / Roche)
Entity linked to shuttered Playboy Club New York files for bankruptcy
Entity linked to shuttered Playboy Club New York files for bankruptcy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...