SL Green Locks Down Massive Lease At Its Newly Acquired Hudson Yards Building
SL Green hasn't even closed on its first Hudson Yards neighborhood buy, but that didn't stop it from signing a major anchor tenant to the property.
SL Green inked a deal for First Republic Bank to take 212K SF of 46 West 34th St., the REIT announced Wednesday morning. SL Green agreed to buy a majority and controlling interest in the 638K SF building from the Kaufman Organization last year. The deal, which valued the building at $440M, is set to close next month.
"We’re proud to welcome First Republic Bank as the anchor tenant to the exciting redevelopment of 460 West 34th St.,” SL Green Executive Vice President and Director of Leasing and Real Property Steven Durels said. “SL Green’s repositioning of 460 West 34th St. will transform the building into a fantastic addition to the West Side neighborhood.”
The 15-year lease will span the ground and mezzanine floors, according to the release, with two new retail bank branches. The second through sixth floors will serve as corporate offices.
It is more proof of the growing appeal of Manhattan's Far West Side. Last week, Tishman Speyer finalized a deal with AllianceBernstein to lease 189K SF at 66 Hudson Blvd., known as The Spiral.
JLL’s Frank Doyle, David Kleiner, Betsy Buckley and Ellen Grace of JLL represented First Republic Bank. Newmark Knight Frank’s Brian Waterman, Scott Klau and Eric Harris represented SL Green.
In a separate transaction, SL Green also signed a new lease at its Midtown East building, One Vanderbilt. KPS Capital Partners L.P., a private equity firm, is leasing 28K SF at the under-construction supertall in a 15-year deal.
Law firm McDermott Will & Emery is also expanding its previously signed lease there by 14K SF, according to SL Green, bringing its total footprint in the 1,401-foot-tall building to 129K SF.