Environmental Services Company Inks 10K-SF Deal at One Vanderbilt
By Celia Young April 20, 2022 4:48 pm
reprints
Canada-based waste manager GFL Environmental snagged 9,871 square feet on the top floor of SL Green Realty Corp.’s 1,401-foot One Vanderbilt.
GFL’s new Midtown East office space — right below the 73-story tower’s observatory — came with sky-high asking rents of $322 per square foot, The Real Deal reported.
The 10-year lease may have broken a New York City record for the costliest price per square foot of office space though it’s unclear if the deal closed near the asking price when it was finalized in February. The tenant did not immediately respond to a request for comment.
GFL, which provides waste management services like recycling and garbage disposal for residential and commercial clients, will join The Carlyle Group, MSD Partners and the software company UiPath at the 1.7 million-square-foot tower between East 42nd and East 43rd streets.
The building’s owners — a joint venture between SL Green (SLG), the National Pension Service of Korea and Hines — snagged a historic $3 billion to refinance the property last year, the largest commercial mortgage-backed securities loan ever secured by an individual asset, CO reported.
Cushman & Wakefield’s Rob Lowe handled the deal for GFL. SL Green’s Steve Durels and David Kaufman represented the landlord in-house along with CBRE’s Bob Alexander.
Lowe and CBRE did not immediately respond to requests for comment.
Celia Young can be reached at cyoung@commercialobserver.com.
