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It comprises 90% recycled material and is set to become fully LEED-certified. One Vanderbilt is one of Manhattan’s greenest skyscrapers. It is also the home of “ Daniel Boulud’s” “Le Pavilion,” a seafood-focused restaurant where you can enjoy a world-class meal of wood-fired octopus or “Dover sole.” The building also hosts white-shoe law firms like “Greenberg Traurig” and “McDermott Will & Emery.” The tenants at One Vanderbilt include major financial firms like TD Bank and the Carlyle Group. The demand for office space at One Vanderbilt is driven by a lack of modern Class A office space in Midtown East and significant demand for this type of space from large companies. Why was the demand for this building so strong at a time of high vacancy rates?

Despite that, the building is 91% leased. When One Vanderbilt hit the market at the height of the pandemic, the conventional wisdom was that no one wanted office space in Manhattan. It is the city’s fourth-tallest skyscraper by roof height. The supertall tower stands 1,401 feet tall. The 42nd Street property opened in September 2020 after years of wrangling around zoning and many construction delays. One Vanderbilt-Demand Driven by Scarcity of Modern Office Space Investing in this company has proved to be a great call.Įven with SL Green’s uniformly strong portfolio, One Vanderbilt is a significant achievement. It manages a portfolio of trophy Class-A buildings occupied by top-notch tenants. This increase, I believe, reflects how professionally run this REIT is. Back then, it was trading for less than $50/share. I mentioned SL Green in a July 2020 video, where I noted the potential of the company’s stock. Other significant properties in SL Green’s portfolio include The Graybar Building on top of Grand Central Terminal, the Met Life Tower in the Flatiron District, 125 Park Avenue, and 461 Fifth Avenue, both in The Grand Central submarket. SL Green holds interests in 76 buildings total. They are a real estate investment trust, or REIT, owning and operating 43 properties in New York. SL Green is the largest commercial landlord in New York City. Who Are the Commercial Landlords Behind this Vision? That can be found at “Après.” This is a high-altitude cocktail bar and café from Danny Meyer, the “restauranteur” behind Eleven Madison Park, Blue Smoke, and Shake Shack. Later, you will find yourself in a room of metallic bubbles created by the well-known sculptor “Yayoi Kusama.”įinally, there are the glass ledges, where visitors can stand for the sensation of floating a thousand feet above the city.Īfter such a sensory rush, you might need a drink. That is just the first of several breathtaking, mind-bending attractions. This leads you to a room with mirrored ceilings and floors, a space that feels infinite. When you reach the 91st floor, you enter a corridor of orange light.

Visitors at One Vanderbilt take an elevator that goes up along the side of the building, with mechanical noises playing over speakers the whole way up. That’s because the landlord SL Green and their designers, “Snøhetta” and “Kenzo Digital,” have created a sensory experience. Located on the 91st through the 93rd floor of One Vanderbilt near Grand Central Terminal, this space feels more like an art installation than an observation deck. The Summit is no ordinary observations deck. Why all the excitement? Aren’t there plenty of tall buildings with observation decks in New York City already?

One Vanderbilt’s observation deck, the Summit, opened recently, and it is getting a lot of favorable press. Expert Insights, Manhattan Office Space, Real Estate News OctoOctoAlan Rosinsky