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The Carlyle Group Commits to 94,000-SF Prelease in SL Green's One Vanderbilt Office Tower

Developer Says it has Met Year-End Leasing Target for New Tower, Five Months Ahead of Schedule
August 2, 2018
Washington, D.C.-based alternative asset manager The Carlyle Group has signed a 94,367-square-foot lease at the One Vanderbilt office tower in New York City. The supertall is being built in Manhattan's Midtown East neighborhood by real estate investment trust SL Green, New York City's largest commercial landlord.

The new lease covers floors 36 through 38 under a 15-year term.

The Carlyle Group maintains 117,055 square feet at the Plaza District office building at 520 Madison Ave. for its GMS Finance Group, but is expected to move out of that property in December. It operates another office in the UBS Building at 299 Park Ave. for subsidiary AlpInvest U.S. Holdings. That space totals 59,267 square feet, according to CoStar research.

"One Vanderbilt is a state-of-the art, amenity-driven building in the heart of Midtown that will provide a welcoming and productive environment for our employees," said Christopher Finn, global head of operations at The Carlyle Group.

In July, landlord SL Green said it was five weeks ahead of schedule on a targeted opening for the building in third-quarter 2020. It is expected to reach 55 floors of vertical construction by the end of the year. SL Green anticipates achieving a LEED Gold certification on the tower.

So far, SL Green has inked pre-commitments from law firms and financial services firms that account for 37 percent of the planned 1.73 million square feet of office space that One Vanderbilt Avenue (OVA) will bring to the Grand Central submarket.

In April, global law firm McDermott Will & Emery signed a 20-year lease for 105,539 square feet at the tower, for floors 44 through 46 and floor 67. It joins law firm Greenberg Taurig and financial tenants including TD Bank and Frankfurt-based DZ Bank and DVB Bank, which have already committed to 67-story glass tower.

Tenants will have access to 30,000 square feet of planned amenity space including meeting room, lounge and outdoor terrace space. Chef Daniel Boulud is teaming with SL Green to open a new restaurant at the building.

One Vanderbilt is the first building to commence construction following Midtown East’s rezoning, SL Green's Chief Operating Officer Edward Piccinich said in an interview with CoStar News. At 1,1401-feet tall, OVA will be second only to the Freedom Tower when it is completed, he said.

The building broke ground in 2016, and when its foundation was first laid, the concrete pour alone lasted 27 hours, one of the largest in New York City, Piccinich added.

As part of the project’s development, SL Green is investing $220 million into public transit improvements to integrate the transit connection with 42nd Street - Grand Central station.

The property, designed by architectural firm Kohn Pederson Fox, won a merit award from the American Institute of Architects in 2016.

  For the Record: A JLL team of Jessica Berkey, Greg Lubar, Andrew Lutzer, Joseph Messina, Steven Rotter and Steven Spartin acted on behalf of The Carlyle Group. CBRE’s Robert Alexander, Ryan Alexander, Emily Jones and Sarah Pontius represented SL Green in lease negotiations.

Diana Bell, New York City Market Reporter  CoStar Group   
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