UnitedHealthcare Signs 6K-SF Lease at One Vanderbilt
By Mark Hallum September 4, 2024 12:10 pm
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UnitedHealthcare is paying a different kind of premium in a recent deal at One Vanderbilt.
The company signed a lease for 6,000 square feet at SL Green (SLG)‘s One Vanderbilt, where asking rent was about $265 per square foot, giving the insurance provider access to one of the most sought-after office towers in the city. News of the lease was first reported by Bisnow.
It’s unclear if this is a relocation for the tenant or additional offices for UnitedHealthcare. The length of the lease was not disclosed.
Located on 42nd Street just west of Grand Central Terminal, One Vanderbilt commands some of the highest asking rents in the city, with prices on the building’s higher floors known to reach as high as $320 per square foot. That pricey office space is now all spoken for since the UnitedHealthcare deal brings the tower to 100 percent leased.
JLL (JLL)‘s Lisa Kiell, Margaux Kelleher and Andrew Coe represented UnitedHealthcare in the deal but declined to comment. It’s unclear who brokered the deal for SL Green.
SL Green and UnitedHealthcare did not respond to requests for comment.
One Vanderbilt opened in September 2020 at the height of the pandemic when office leasing was at an unprecedented low point, but the 1.5 million-square-foot building, which cost SL Green $3.3 billion to create, saw strong pre-leasing activity in 2019 with deals for TD Bank, investment firm the Carlyle Group, and law firms Greenberg Traurig and McDermott Will & Emery.
Mark Hallum can be reached at mhallum@commercialobserver.com.
