|Address:||1 Vanderbilt Avenue||Class:||A|
|Cross Streets:||East 42nd & East 43rd Streets||Size:||1,800,000 SF|
The fourth-tallest building in New York City opened in Midtown East on September 14, 2020. Located right next to Grand Central Terminal, One Vanderbilt was developed by SL Green and cost $1.4 billion to complete. It was designed by KPF and supported by the Landmarks Preservation Commission because of its focus on sustainability and accessibility. The development team also included Hines, Gensler, and AECOM Tishman.
One Vanderbilt is one of very few new office developments in the area, which houses mainly older buildings like the Chrysler Building or the Empire State Building. The Midtown East rezoning allowed SL Green to build the 73-story tower here, in hopes of attracting tenants who have been favoring Hudson Yards in recent years. At the time of opening, One Vanderbilt already had an impressive tenant roster lined up, which included Sentinel and TD Bank.
1.8 Million Square Feet of Class A Grand Central Office Space
The 73-story One Vanderbilt offers close to 1.8 million square feet of Class A Grand Central office space, as well as roughly 185,000 square feet of retail space. There is also a 30,000-square-foot, tenant-exclusive amenity floor included, featuring conference and meeting areas, an outdoor terrace with views of Grand Central, and a club-style lounge. The ground floor of the building will house Le Pavilion, a world-class restaurant led by chef Daniel Boulud, set to open in 2021.
Offices at One Vanderbilt feature floor-to-ceiling windows with 360-degree views, column-free office space, and state-of-the-art security and HVAC systems. The development team was heavily focused on sustainability, and the tower incorporates 1.2-megawatt cogeneration, recycled construction materials, and 90,000-gallon rainwater collection systems.
Getting to and from One Vanderbilt
One Vanderbilt benefits from one of the best locations in all of NYC, being situated right next to Grand Central Terminal. Those working within the building have access to a myriad of transportation options and are within walking distance of Bryant Park and the New York Public Library.
The tower is part of the MTA’s 42 Street Connection Project, which aims to improve the flow of travelers going in and out of Grand Central Terminal. It offers tenants direct underground access to Grand Central, which connects to all parts of the city and beyond. The team invested more than $200 million in infrastructure upgrades, which included two new street-level subway entrances and a new 4,000-square-foot transit hall that connects to Metro-North, the Times Square shuttle, and the future Long Island Rail Road.
Who is renting office space at One Vanderbilt?
One Vanderbilt was one of the most anticipated office developments in Midtown Manhattan in recent years, and companies wasted no time signing up to lease office space in the building. Notable tenants on the tower’s roster include TD Bank, TD Securities, Greenberg Traurig, MFA Financial, Sentinel, The Carlyle Group, and McDermot Will & Emery.
How much is the rent price for office space at One Vanderbilt?
Office asking rents at One Vanderbilt are not for the faint of heart, commanding somewhere between $100 and $150 per square foot. Rents at the 73-story tower are comparable to those found in submarkets like Hudson Yards or the Plaza District, but they are worth it. The Class A tower offers state-of-the-art amenities, astonishing views of Midtown Manhattan, and direct access to Grand Central Terminal.
Image via Google Street View