NEW YORK--(BUSINESS WIRE)--SL Green Realty Corp., New York City’s largest office landlord, today announced that its game-changing One Vanderbilt office tower in Manhattan’s East Midtown has topped out at 1,401 feet. With construction managed by AECOM Tishman and stunning design by Kohn Pedersen Fox (KPF) Associates, One Vanderbilt’s construction is more than three months ahead of schedule and $100 million under budget with an expected opening in August 2020. One Vanderbilt is already 59 percent leased by top-tier global finance, law and real estate firms which will have direct access to Grand Central Terminal along with an impressive slate of unmatched office amenities.
“Taking its rightful place on New York’s iconic skyline, One Vanderbilt will establish a state-of-the-art work environment in New York with unprecedented amenities, including exceptional ceiling heights, incredible views, and direct access to transit networks in the heart of East Midtown,” said Marc Holliday, Chairman and Chief Executive Officer of SL Green. “Thanks to our construction partners and their talented, hardworking crews, we’re extremely proud that One Vanderbilt has topped out ahead of schedule and under budget, especially given the project’s scale and infrastructural complexity. With the building scheduled to open in less than a year, the next generation of office space in New York is well in sight.”
“We are excited to have reached this key milestone ahead of schedule and under budget, as we have every other milestone throughout the life of this important project,” said Jay Badame, President of AECOM Tishman. “No one is building more supertall buildings in New York City than our hardworking AECOM Tishman team and we are incredibly proud of the work we are doing at One Vanderbilt with SL Green and Hines as they transform Midtown East.”
When completed, One Vanderbilt will feature over twenty-six thousand tons of US made and fabricated steel and seventy-four thousand cubic yards of concrete. At its peak activity levels, over 800 workers are onsite daily as they work to complete the project. In addition, the project has engaged close to fifty subcontractors.
One Vanderbilt comprises four interlocking and tapering planes that spiral toward the sky. At the tower’s base, a series of angled cuts on the south side of the block creates a visual procession to Grand Central Terminal revealing the Vanderbilt corner of the Terminal’s magnificent cornice – a view that has been obstructed for nearly a century. The tower’s terracotta facade, which incorporates the same distinct ceiling tiles found throughout Grand Central Terminal, provides the soaring structure a natural, luminous texture. The American Institute of Architects (AIA) recognized One Vanderbilt and its architecture firm, Kohn Pedersen Fox (KPF) Associates, with the prestigious 2018 AIA NY Merit Award in Urban Design.
“As One Vanderbilt reaches its full height, its slender, crystalline profile assumes a prominent place on the New York skyline,” says James von Klemperer, President and Design Principal at KPF. “The same angled geometries translate to the base of the tower, gesturing with generosity the great landmark of Grand Central Terminal. KPF is proud to have contributed to the tower’s design, which arose from the collaborative efforts of our studio, SL Green, Hines, and the NYC Department of City Planning.”
Encompassing an entire city block directly west of Grand Central Terminal, One Vanderbilt epitomizes SL Green’s commitment to sustainable development, featuring cutting-edge technologies including 1.2-MW cogeneration and 90,000-gallon rainwater collection systems. The tower is on track to receive several environmental distinctions, including the highest levels of LEED and WELL certifications.
SL Green’s unprecedented $220 million private investment to improve Grand Central’s public transit infrastructure has already materialized with new staircases between the mezzanine and platform levels of the 4, 5, and 6 subway lines. Other planned transit investments include a transit hall linking Grand Central Terminal to the Long Island Rail Road station as part of the East Side Access project, enhanced connections to Metro-North and the shuttle to Times Square, and two new street-level subway entrances. The tower will also contain a 4,000-square-foot public transit hall for commuters in the building’s northeast corner and an adjacent 14,000-square-foot pedestrian plaza on Vanderbilt Avenue between East 42nd and 43rd Streets.
Anchoring the modernization of East Midtown, One Vanderbilt will provide tenants with a combination of amenities unrivaled in New York City, including a 30,000-square-foot tenant-only amenity floor with large format meeting spaces, club-style lounge, curated food offerings and extraordinary outdoor terrace. The building will also include an 11,000-square-foot high-design restaurant from world-renowned chef Daniel Boulud. The office floors will feature floor-to-ceiling slab heights ranging from 14.5 feet to 24 feet, column-free floor plates, stunning 360-degree views through floor-to-ceiling windows and best-in-class infrastructure.
A robust roster of top-tier financial, banking and legal firms that have already committed to One Vanderbilt include The Carlyle Group, a leading private equity firm; TD Securities and TD Bank, a leading banking and investment firm that provides a wide range of capital markets products and services; prestigious law firms, Greenberg Traurig and McDermott Will & Emery; private equity firms KPS Capital Partners and Sentinel Capital Partners; global German financial firms DZ and DVB Banks; publicly traded real estate investment trust MFA Financial Inc.; and SL Green Realty Corp. The building is currently 59 percent leased.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York City's largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of June 30, 2019, SL Green held interests in 96 Manhattan buildings totaling 46.0 million square feet. This included ownership interests in 27.2 million square feet of Manhattan buildings and 18.8 million square feet securing debt and preferred equity investments. In addition, SL Green held ownership interests in 7 suburban properties comprised of 15 buildings totaling 2.3 million square feet in Brooklyn, Westchester County, and Connecticut.
About Kohn Pedersen Fox Associates (KPF)
Kohn Pedersen Fox Associates (KPF) is one of the world’s preeminent architecture firms, providing architecture, interior, programming and master planning services for clients that include some of the most forward-thinking developers, corporations, entrepreneurs, and institutions in the United States and around the world. The firm’s extensive portfolio spans more than 40 countries and includes a wide range of projects from office and residential buildings to civic and cultural spaces to educational facilities. Driven by individual design solutions, rather than a predetermined style, KPF’s mission is to create buildings and places of the utmost quality and contextual sensitivity, providing a valuable impact on the cities they inhabit.
About AECOM Tishman
AECOM Tishman is one of the world’s leading builders, spanning over 100 years and responsible for managing construction of more than 600 million square feet, including iconic projects such as the World Trade Center, One Vanderbilt and Hudson Yards. As part of AECOM, a fully integrated global infrastructure firm, we connect knowledge and experience across our global network of experts to help clients solve their most complex challenges. From high-performance buildings and infrastructure, to resilient communities and environments, to stable and secure nations, our work is transformative, differentiated and vital. A Fortune 500 firm, AECOM had revenue of approximately $20.2 billion during fiscal year 2018. See how we deliver what others can only imagine at aecom.com and @AECOM.
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements. Forward-looking statements are not guarantees of future performance and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.
Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements are described in our filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.