Oct
02
SL Green Lands $1.5B Financing for One Vanderbilt
ByUpon completion in 2020, the $3.1 billion Manhattan office tower will become the city’s second-tallest building.
One Vanderbilt, Manhattan
New York—The final piece has fallen into place for SL Green’s One Vanderbilt, a 1.6 million-square-foot trophy office project that will sprout up just a stone’s throw from Grand Central Terminal in Midtown Manhattan. The REIT just secured construction financing to the tune of $1.5 billion for the project, which has a development price of approximately $3.1 billion.
This isn’t just any Class A office development. “One Vanderbilt is the most significant urban infill office building built in this country in the last 50 years,” John Guinee III, managing director with brokerage and investment banking firm Stifel Nicolaus, told Commercial Property Executive. “Assembling a full city block adjacent to Grand Central Terminal is a fairly astounding feat.”..
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