The Real Deal New York

TD Bank’s investment-banking arm takes 120K sf at One Vanderbilt

SL Green will move its corporate headquarters to 70K sf in the building
December 03, 2018 09:07AM

Marc Holiday and One Vanderbilt (Credit: SL Greeen and KPF)

TD Securities, the investment-banking arm of TD Bank, will be joining its colleagues at SL Green’s One Vanderbilt.

The company signed a lease for 119,000 square feet in the 1.7 million-square-foot tower, the New York Post reported.

TD Bank was one of the first tenants to lease space in the $3.1 billion development project when it signed up for 200,000 square feet in 2014 before ground broke on the tower.

The TD Securities deal is one of four new leases totaling 230,000 square feet that SL Green plans to announce today. The deals bring the 1,401-foot-tall tower, scheduled to open in August 2020, to being 52 percent leased.

MFA Financial, a publicly traded REIT, leased 30,000 square feet, and law firm McDermot Will & Emery took another 10,000 square feet on top of the 140,000 square feet it had previously leased.

Newmark Knight Frank’s Neil Goldmacher, Andrew Sachs and Bill Levitsky represented MFA Financial in its lease.

SL Green will move its headquarters from the nearby Graybar Building into 70,000 square feet at One Vanderbilt. The company wouldn’t comment on rents, but previous reports cited asking rents of $160 per square foot on the tower’s middle floors.

The accelerated timeline to finish the building helped SL Green get a break on its construction loan. The financing increased the size of the loan to $1.75 billion from $1.5 billion, and reduced the interest rate by 75 basis points. [NYP] – Rich Bockmann