Leases  ·  Office

German Bank Becomes One Vanderbilt’s Second Office Tenant


Germany’s second-largest bank and its subsidiary have signed on as the second office tenant at SL Green (SLG) Realty Corp.’s under-construction One Vanderbilt tower next to Grand Central Terminal.

Deutsche Zentral-Genossenschaftsbank (also known as DZ Bank) and subsidiary DVB Bank SE have inked two leases spanning the entire 26th floor of the 58-story highrise at East 42nd Street and Madison Avenue. The two companies will occupy 35,382 square feet, but a spokeswoman for SL Green declined to specify the exact square footages of each lease.

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The asking rent was $135 a square foot, according to The New York Post, which was the first to report on the leases.

The Frankfurt-based companies will join TD Bank, which is anchoring One Vanderbilt with 200,000 square feet of office and retail space. It plans to move in sometime in 2020, which is when the 1,400-foot-tall, 1.8-million-square-foot skyscraper is set to be complete.

Evan Margolin, Lance Leighton and Brad Wolk of Savills Studley represented the tenants in the deal, and SL Green handled the transaction in-house. A spokeswoman for Savills Studley didn’t immediately return a request for comment.

Besides the banks, celebrity chef Daniel Boulud leased 11,000 square feet of ground floor retail in the building in April, with the aim of running a restaurant and grab-and-go spot, as the Post reported at the time.