Posted Jul 22, 2021, 2:52 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 53,005
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https://therealdeal.com/2021/07/21/s...anderbilt/amp/
SL Green asking record $322 psf at One Vanderbilt
BY JOE LOVINGER
JUL 21, 2021
Quote:
Top-floor tenants of SL Green’s One Vanderbilt would enjoy unbeatable views. But for that luxury, the landlord is seeking an unprecedented price.
SL Green is asking $322 per square foot for the top floor of its supertall office tower, and $312 for the penultimate level, according to documents obtained by The Real Deal. The asking rents make its so-called “sky floors” the priciest office space in the city.
If anyone bites, that would smash the record of $300 per square foot reportedly paid by Ken Griffin’s Citadel at 425 Park Avenue in 2019.
“This would certainly be a new benchmark if they can succeed at leasing this north of $300 a square foot,” said Cynthia Wasserberger of JLL.
The owner of the tallest office tower in Midtown, at 1,401 feet, is making no apologies.
“These floors are priced to reflect the uniqueness of the offering: truly one-of-a-kind spaces at New York’s best address,” said Steve Durels, executive vice president at SL Green.
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Quote:
Annual rent of $322 per square foot may be a high bar compared to the neighborhood’s Class A average of $72.54, but One Vanderbilt has several factors in its favor.
First, it is brand new and state-of-the-art, whereas most of Midtown East’s office buildings are dated, thanks to restrictive zoning that was not changed until five years ago. And it is substantially taller than its local peers, thanks to the rezoning, allowing for premium rents on the upper floors
Its location immediately next to Grand Central terminal makes it easy for commuters, especially those taking Metro-North from ritzy suburbs north of the city. “For employers who want convenience for their employees, this is as good as it gets,” said Wasserberger.
Further, the pandemic has pushed tenants toward new construction offering column-free floor plates and modern ventilation for virus-weary workers.
This spring, One Vanderbilt anchor tenant TD Bank expanded its footprint there by 24,000 square feet. The 1,400-foot tower is now 89 percent leased, according to SL Green.
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