NEW YORK--(BUSINESS WIRE)--
SL Green Realty Corp. (NYSE:SLG), New York City's largest commercial
property owner, today announced that it has closed on $1.5 billion of
construction financing for One Vanderbilt, ensuring that the
1,401-foot-tall, state-of-the-art office tower, will soon rise adjacent
to Grand Central Terminal in Midtown Manhattan. One Vanderbilt will
include direct connections to Grand Central's network of mass transit,
improved by $220 million in upgrades SL Green is implementing as part of
the project.
The facility, led by Wells Fargo Bank, N.A. as Administrative Agent, The
Bank of New York Mellon, JP Morgan Chase Bank, TD Bank, N.A., and Bank
of China, as Syndication Agents, and Landesbank Baden-Württemberg as
Documentation Agent, has a term of up to 7 years and bears interest at a
floating interest rate of 3.50% over LIBOR, with the ability to reduce
the spread to as low as 3.00% upon achieving certain pre-leasing and
completion milestones.
"Closing on the construction financing means that nothing stands in the
way of One Vanderbilt becoming an iconic addition to the Manhattan
skyline," commented SL Green Managing Director, Robert Schiffer. "One
Vanderbilt will set a new standard for trophy buildings in Midtown
Manhattan. It will respond to the needs of the modern workforce,
offering tenants technologically advanced, Class A office space with
best-in-class amenities and unparalleled proximity to public
transportation."
One Vanderbilt will encompass an entire block adjacent to Grand Central
Terminal, bounded by Madison and Vanderbilt Avenues as well as 42nd and
43rd Streets. Vertical construction will begin in the second quarter of
2017, and is expected to be completed in 2020. Tishman Construction will
manage the project.
Designed by Kohn Pederson Fox, the 58-floor, 1.6 million
rentable-square-foot trophy tower will be the tallest building in
Midtown and the second tallest in New York City. In 2014, TD Bank signed
a 20-year, 200,000-square-foot lease, which includes its retail flagship
store, making it the first office and retail anchor tenant in the
building.
One Vanderbilt will feature stunning views through floor-to-ceiling
windows and direct, underground access to Grand Central Terminal where
the future Long Island Railroad's (LIRR's) East Side Access project will
connect Long Island commuters to East Midtown for the first time.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York City's largest
commercial 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 28.0 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. To be added to the Company's distribution
list or to obtain the latest news releases and other Company
information, please visit our website at www.slgreen.com
or contact Investor Relations at (212) 594-2700.
SLG-FIN
View source version on businesswire.com: http://www.businesswire.com/news/home/20160928005291/en/
Matt DiLiberto
Chief Financial Officer
or
Rob Schiffer
Managing
Director
SL Green Realty Corp.
(212) 594-2700
or
Josh
Berkman
BerlinRosen
(646) 616-6768
Source: SL Green Realty Corp.
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