April 25, 2018 / 7:07 PM / 3 months ago

SL Green signs law firm to One Vanderbilt tower in New York

NEW YORK, April 25 (Reuters) - SL Green Realty Corp, a major New York landlord, said on Wednesday law firm McDermott Will & Emery LLP signed a 20-year lease at One Vanderbilt, a 1,401-foot (427-meter) office tower going up next to Grand Central Terminal in Midtown Manhattan.

McDermott agreed to take 105,539 square feet of space on floors 44-46 and 67 in the $3.1 billion tower, whose planned opening in 2020 will herald the rejuvenation of the East Midtown office district, where buildings on average are 85 years old.

One Vanderbilt is now 31 percent leased and on track to meet SL Green’s goal of being 37 percent leased by year end, the real estate investment trust (REIT) said in a statement.

The tower, a column-free structure with extra-high ceilings and unobstructed glass siding, occupies an entire city block immediately west of Grand Central, a key transportation hub in the city that is adding a new train line from Long Island.

One Vanderbilt will have direct connections to the transit network and SL Green is funding $220 million of infrastructure upgrades to the system.

City officials last August approved the rezoning of a 78-block swath surrounding Grand Central that will allow for new construction and higher office towers in exchange for funding improved access to the Manhattan’s aging subway system.

Reporting by Herbert Lash; Editing by Steve Orlofsky

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