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Deals & Dealmakers

Lawyers sign 130,000 s/f lease at One Vanderbilt

Greenberg Traurig, the largest law firm in the U.S., has signed a long-term lease to relocate the center of its New York operations to around 130,000 s/f at One Vanderbilt Avenue.

SL Green Realty Corp. announced the deal for the 1,401 ft. skyline-shaping icon it is building at the doorstep to Grand Central Terminal.

The Greenberg Traurig lease comes on the heels of the recent announcement that German financial titans DZ and DVB Banks will take 35,000 s/f at One Vanderbilt, joining financial institution TD Bank and chef Daniel Boulud as tenants committing to the building more than two and a half years ahead of opening.

Greenberg Traurig is signing a 15-year lease initially covering four contiguous floors. “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.
“East Midtown is building on its historic status and convenience, with One Vanderbilt’s location, amenity and infrastructure proving to be a magnet for the most prestigious companies. We are thrilled to welcome Greenberg Traurig’s New York operations to the SL Green portfolio.”

Richard A. Rosenbaum, executive cairman of Greenberg Traurig, commented, “This 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.

“Our firm will once again be a leader by utilizing both “new law” space planning in this state-of-the-art and perfectly located project in concert with a combination of alternative nearby locations to create an office campus which will collectively provide the most efficient and effective overall solution for our clients and talent alike. This is what the platform of the future will look like.”

One Vanderbilt and its architecture firm, Kohn Pedersen Fox (KPF) Associates, were recognized earlier this month with the AIA NY Merit Award in Urban Design.

Construction is ahead of schedule for delivery in Q3 of 2020 with a Guaranteed Maximum Price contract secured, over 95 percentof the trades bought, and the pace of construction gaining steam.

Since SL Green broke ground on the building in 2016 the super structure has risen to seven stories tall and is expected to reach a height of 39 stories by the end of 2018.

The completed building is expected to contain 25,000 tons of steel fabricated in the U.S.

One Vanderbilt will anchor the modernization of the Midtown business district, encompassing an entire city block, bounded by Madison and Vanderbilt Avenues to the west and east, and East 43rd and East 42nd Streets to the north and south.
It will provide tenants with a combination of amenities, including a 30,000 s/f tenant-only amenity floor with outdoor terrace.

In partnership with Boulud, One Vanderbilt will offer an 11,000 s/f restaurant with private dining opportunities.
Barry Gosin and Moshe Sukenik of Newmark Knight Frank represented Greenberg Traurig in the transaction.

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