Private Equity Firm Relocating to One Vanderbilt From Another SL Green Building
By Nicholas Rizzi April 17, 2019 7:00 am
reprints
KPS Capital Partners, a private equity firm, has become the latest tenant to sign on to SL Green Realty Corp.’s under-construction One Vanderbilt skyscraper in Midtown, Commercial Observer has learned.
The firm inked a 15-year deal for 28,024 square feet on the entire 52nd floor of the 55-story tower between East 42nd and East 43rd Streets, according to SL Green (SLG). A source with knowledge of the deal said the asking rent was $200 per square foot.
KPS, which was founded in 1991, currently has offices in Germany, the Netherlands and in New York City at SL Green’s 485 Lexington Avenue between East 46th and East 47th Streets. The firm plans to relocate to One Vanderbilt when the 1.7-million-square-foot office development opens in 2020.
“One Vanderbilt has redefined what a best-in-class building should be and leading businesses like KPS Capital Partners recognize that One Vanderbilt will provide a superior work environment for their employees, leading to enhanced employee recruitment and retention,” Steven Durels, SL Green’s director of leasing, said in a statement.
The deal brings the $3.2 billion One Vanderbilt, which broke ground in 2016, to 56 percent leased and Durels added that “leasing momentum has continued at a brisk pace.”
Other tenants that have nabbed space in the 1,401-foot tower designed by Kohn Pedersen Fox include private equity giant The Carlyle Group taking 127,744 square feet, TD Bank’s investment arm TD Securities grabbing 119,000 square feet and law firm Greenberg Traurig leasing 133,000 square feet.
Mark Weiss and Alan Wildes of Cushman & Wakefield (CWK) brokered the deal for KPS while CBRE (CBRE)’s Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario handled it for SL Green. Spokespeople for C&W and CBRE declined to comment.
