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Greenberg Traurig Will Move NY HQ to One Vanderbilt

Global Law Firm Signs for Four Contiguous Floors
January 26, 2018
While the media clamored over Hudson Yards, another skyline-changing office property was in steadfast development. And two-and-a-half years ahead of opening, companies are signing commitments to One Vanderbilt Avenue (OVA), a 1,401-foot-tall, 1.7 million-square-foot modern office tower being built adjacent to Grand Central Station in Midtown.

Greenberg Traurig has opted to relocate its New York operations to OVA, signing a 15-year lease for four contiguous floors of space. The agreement is for between 130,000 and 140,000 square feet of space, according to sources with knowledge of the deal.
Currently, the law firm has a New York base at 200 Park Ave., also known as the MetLife Building, where it occupies 80,000 square feet.

One Vanderbilt's temporary certificate of occupancy is scheduled for 2020, SL Green COO Edward Piccinich previously told CoStar News.

"Greenberg Traurig could have gone anywhere in New York, and made a major statement by choosing to stay in East Midtown, reflecting the incredible demand we're seeing for new construction in the most commuter-friendly location in the city," said Marc Holliday, CEO of SL Green.

Richard A. Rosenbaum, the executive chairman of Greenberg Traurig, called the property "extraordinary" and said that being at One Vanderbilt, "Will be a central part of our strategic plan to position our New York presence for a fast-changing global marketplace. While our plans are in progress, we expect to use this opportunity to meet client needs by becoming substantially more efficient, provide for diverse needs and options, and by incorporating technological innovation, various means of delivering alternative services and more effective and diverse staffing and service management."

Already committed to the building are Daniel Boulud, which has signed a lease for an 11,000-sqare-foot restaurant, TD Bank to anchor the tower in 270,000 square feet, and DZ and DVB Banks.

The REIT, which broke ground on the 67-story supertall in late 2016 said construction of OVA is ahead of schedule for delivery in the third quarter of 2020 and has secured a guaranteed maximum price contract. By the end of this year, the building is expected to stand 39 stories, and when completed, will contain 25,000 tons of U.S. steel.

In keeping with SL Green’s emphasis on building sustainability, OVA is expected to achieve LEED Gold certification under the USGBC's Version 4.0 as well as WELL certification. It will include a 30,000-square-foot, tenant-only amenity floor, floor-to-ceiling slab heights from 14.5 feet to 24 feet and column-free floor plates.

Both the property and its architect, KPF, received a Merit Award in Urban Design in early January from the New York Chapter of the American Institute of Architects (AIANY).

Newmark Knight Frank’s Barry Gosin and Moshe Sukenik acted on behalf of Greenberg Traurig in the lease agreement.

Diana Bell, New York City Market Reporter  CoStar Group   
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