Japanese Developer Mori Takes 11% Stake in One Vanderbilt at an Over $4B Valuation

Tokyo-based Mori Building Company acquired an 11 percent stake in One Vanderbilt Avenue from SL Green (SLG) Realty in a deal that set the value of the building at $4.7 billion, the companies announced Thursday. 

Under the deal, SL Green — which opened One Vanderbilt during the height of the pandemic in 2020 — will still own a 60 percent stake in the 73-story skyscraper.

“We are excited about joining the ownership venture of One Vanderbilt Avenue, a modern landmark in Manhattan, and [about] the relationship with SL Green who have long contributed to making NYC an attractive city,” Shingo Tsuji, president and CEO of Mori, said in a statement.

The 1.5 million-square-foot One Vanderbilt cost SL Green $3.5 billion to develop and has fetched record asking rents of above $300 per square foot.

One Vanderbilt became 100 percent leased in September when UnitedHealthcare took over 6,000 square feet in one of the city’s most sought-after buildings. Other tenants of the office tower on 42nd Street near Grand Central Terminal include banking firm TD Securities, law firm McDermott Will & Emery, and investment services firm Oak Hill Advisors. 

“One Vanderbilt is a globally renowned and architecturally celebrated modern development, which has continued to demonstrate that well-located, highly amenitized and sustainable buildings will attract premier tenants and prestigious investors,” Marc Holliday, chairman and CEO of SL Green, said in the announcement. “We are honored to welcome Mori Building into the ownership venture of One Vanderbilt Avenue.”

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.