Greenberg Traurig Taking Four Floors at SL Green’s One Vanderbilt
Powerhouse law firm Greenberg Traurig is the latest tenant to commit to space at SL Green (SLG) Realty Corp.’s massive One Vanderbilt office development, having reportedly inked a lease for between 130,000 and 140,000 square feet.
Greenberg Traurig has agreed a 15-year deal for four contiguous floors at the planned 58-story, 1.7-million-square-foot property encompassing the entire block bound by East 42nd and East 43rd Streets and Madison and Vanderbilt Avenues, adjacent to Grand Central Terminal.
The law firm is slated to move from its current offices nearby at the MetLife Building at 200 Park Avenue, where it occupies around 200,000 square feet on a lease that’s due to expire in 2021, according to the New York Post, which first reported news of the lease.
The 1,401-foot-tall, the Kohn Pedersen Fox Associates-designed One Vanderbilt is scheduled to open in 2020 and has already secured lease commitments from the likes of TD Bank, which nabbed 200,000 square feet, and German financial services giant DZ Bank, which leased more than 35,000 square feet. Celebrity chef Daniel Boulud will also be opening an 11,000-square-foot restaurant at the building.
Asking rent in the Greenberg Traurig deal was not disclosed, though they were reportedly $135 per square foot in the DZ Bank deal, the Post noted. Barry Gosin and Moshe Sukenik of Newmark (NMRK) Knight Frank represented Greenberg Traurig, while a CBRE (CBRE) team of Ryan Alexander, Emily Jones, Sarah Pontius and Robert Alexander represented the landlord.
In a statement announcing the lease, Marc Holliday, SL Green’s chief executive officer, said the law firm “could have gone anywhere in New York and made a major statement by choosing to stay in East Midtown, reflecting the incredible demand we’re seeing for new construction in the most commuter-friendly location in the city.”
Richard Rosenbaum, Greenberg Traurig’s executive chairman, added in a statement that the firm’s new One Vanderbilt offices will function “in concert with a combination of alternative nearby locations to create an office campus which will collectively provide the most efficient and effective overall solution for our clients and talent alike.”
Representatives for NKF and CBRE did not immediately provide comment.