SL Green, TD Securities Finalize Big Leases at One Vanderbilt
By Rebecca Baird-Remba December 3, 2018 6:00 pm
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Four tenants, including SL Green, have nailed down nearly 250,000 square feet of space in SL Green Realty Corp.’s One Vanderbilt, the office landlord announced today.
The largest deal was with TD Securities, the investment banking arm of TD Bank, which already leases 193,159 square feet in the 1,400-foot-tall skyscraper next to Grand Central Terminal. Now the investment manager has leased 119,000 square feet on the entire 10th and 12th floors and part of the 11th in the 1.7-million-square-foot building, according to a press release from SL Green.
“We’re delighted to welcome TD Securities to One Vanderbilt and expand our relationship with TD Bank,” said Steven Durels, SL Green’s director of leasing, in prepared remarks, who added, “Leasing velocity at One Vanderbilt has been extraordinary this year as tenants begin to see the building’s exceptional architectural design and experience its amazing ceiling heights, column-free floors and sweeping views.”
TD Securities also inked a deal for 52,540 square feet on the 19th and 20th floors of 125 Park Avenue, another SL Green-owned office tower between East 41st and East 42nd Streets near Grand Central.
TD Securities was represented by the CBRE (CBRE)’s Robert Alexander, Ryan Alexander, Doug Lehman and Christopher Hogan in both deals. A CBRE spokeswoman didn’t immediately return a request for comment. It wasn’t immediately clear who represented SL Green in the deal.
“Over the last decade, TD Securities has grown significantly in the U.S., including in the New York region,” Glenn Gibson, a vice chair at TD Securities, said in prepared remarks. “Our new premises at One Vanderbilt and 125 Park Avenue reflect our commitment to our clients, colleagues and ongoing US growth strategy, and will also continue to strengthen our alignment with TD Bank.”
SL Green is also moving its headquarters from the nearby Graybar Building at 420 Lexington Avenue into 70,000 square feet on the 27th and 28th floors at One Vanderbilt, according to an investor presentation posted this morning by the real estate investment trust.
“This one was a personal relief to me,” Durels said during the presentation. “After all the leasing activity, we have twice been boxed out by other tenants… We literally grabbed the last two floors in the base of the tower.”
Real estate investment trust MFA Financial signed on for 30,000 square feet on the entire 40th floor of One Vanderbilt. Neil Goldmacher, Andrew Sachs and Bill Levitsky of Newmark Knight Frank represented MFA in the deal.
And law firm McDermott Will & Emery added 10,000 square feet to its already large 140,000 square feet of office space in the building. An SL Green spokeswoman declined to comment on the terms of the leases. Previously reported asking rents have ranged from $135 to $160 a square foot. It wasn’t clear who handled the transaction for the law firm.
The New York Post was the first to write about the One Vanderbilt leases.
Other tenants in the building include Greenberg Traurig, which has 133,000 square feet, Carlyle Group, with 94,000 square feet, and Deutsche Zentral-Genossenschaftsbank and subsidiary DVB Bank SE, which have a combined 35,000 square feet.
