NEW YORK--(BUSINESS WIRE)--
SL Green Realty Corp. (NYSE: SLG), New York City's largest office
landlord, today announced an agreement with Midtown TDR Ventures whereby
the litigation regarding SL Green's One Vanderbilt, an iconic new office
tower under construction adjacent to Grand Central Terminal, will be
withdrawn. The settlement will resolve the legal claims against SL Green
and the City of New York that Midtown TDR Ventures asserted to
invalidate the Vanderbilt Corridor rezoning amendment and the One
Vanderbilt special permit, thereby eliminating uncertainty surrounding
the building. The new office tower and $220 million in planned transit
improvements will move forward as planned, and as approved by the New
York City Council.
"This is a major milestone for the future of East Midtown, clearing the
way for One Vanderbilt to deliver state-of-the-art Class A office space
and a $220 million investment in Grand Central's transit
infrastructure," said Marc Holliday, CEO of SL Green Realty Corp. "We're
pleased that the new ownership of Midtown TDR Ventures shares our
commitment to development in East Midtown and worked with us to quickly
reach this agreement. With demolition nearly complete and work already
underway on public improvements, One Vanderbilt is well on the way to
becoming a reality."
One Vanderbilt is bounded by Vanderbilt Avenue and Madison Avenue
between East 42nd and East 43rd Streets in Manhattan's East Midtown
business district. The skyscraper will be 1,401 feet tall, and will
contain 1.7 million gross square feet of Class A commercial space.
Designed by Kohn Pedersen Fox (KPF), One Vanderbilt's architecture and
building materials pay homage to the landmarked Terminal and the
surrounding East Midtown business district. One Vanderbilt features open
floor plans, efficient use of space, and the highest level of
sustainable design in New York City. As part of the development, SL
Green will invest $220 million in public infrastructure in and around
Grand Central Terminal.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York City's largest
office landlord, is a fully integrated real estate investment trust, or
REIT, that is focused primarily on acquiring, managing and maximizing
value of Manhattan commercial properties. As of June 30, 2016, the
company held interests in 119 Manhattan buildings totaling 44.7 million
square feet. This included ownership interests in 28.1 million square
feet of commercial buildings and debt and preferred equity investments
secured by 16.7 million square feet of buildings. In addition, the
company held ownership interests in 31 suburban buildings totaling 4.9
million square feet in Brooklyn, Long Island, Westchester County,
Connecticut and New Jersey. For more information, please visit: http://slgreen.com/
SLG-GEN
View source version on businesswire.com: http://www.businesswire.com/news/home/20160810005629/en/
Jeremy Soffin
BerlinRosen
(646)-452-5637
Source: SL Green Realty Corp.
News Provided by Acquire Media
