One Vanderbilt Sublease Shoots For $350 PSF

A sublease listing at One Vanderbilt is testing how high Manhattan’s trophy office market can climb.

The 9,900-square-foot space on the 73rd floor, perched directly below the tower’s Summit observatory, has hit the sublet market with an asking rent of $350 per square foot, sources said. If achieved, the deal would shatter pricing expectations not only for the building, but for subleases across the city, which typically trade at a discount to direct leases.

Just days ago, a penthouse deal at 9 West 57th Street set a new benchmark, with a tenant agreeing to roughly $327 per square foot. The One Vanderbilt sublease would leapfrog that figure and reset the ceiling again, should it land near its asking rent.

The listing reflects the leasing frenzing at the very top of Manhattan’s office market. Trophy towers are commanding rents once considered unattainable, even as much of the broader sector remains under pressure. New York is still firmly in a K-shaped recovery, where the flight to quality has lifted already strong buildings while deepening distress among weaker ones.

Price thresholds that once seemed exceptional – $100 and $200 per square foot – are now increasingly routine. The city recorded a record 313 leases starting at $100 per square foot or more in 2025, up from 212 in 2024, according to JLL. At the highest end, 28 deals cleared $200 per square foot, including six north of $250.

The space is currently leased by GFL Environmental, which inked a deal in 2022 on the building’s 73rd floor at an asking rent of about $322 per square foot, marking the record for the market at the time.

Though the sublandlord is asking for rent above its current payment, it is unlikely to profit once transaction costs and the standard sublease requirement to share any gains with the landlord — in this case, SL Green — are taken into account, said sublet broker Ruth Colp-Haber of Wharton Property Advisors.

GFL, one of North America’s largest environmental services companies, provides non-hazardous waste management, soil remediation and infrastructure services across Canada and more than half of U.S. states, is far removed from the glassy perch overlooking Midtown.

Earlier this year, GFL announced it would relocate its executive headquarters from Ontario to Miami Beach, a move aimed at expanding its access to U.S. investors and aligning with a growing share of its American revenue base, according to a press release on the firm’s website.

Savills’ Greg Taubin is representing the sublandlord. He and GSL did not immediately respond to requests for comment.