SL Green’s One Vanderbilt tower sees record New York rent

Marc Holliday of SL Green with a Vanderbilt tower (SL Green Realty Corporation)

A square foot of office space — about what a pair of sneakers takes up — would never have rented for more than $300 a year in New York City.

But now a Canadian environmental services company has agreed to break that barrier to lease the 73rd floor of One Vanderbilt Tower from SL Green, The real deal has learned.

Sources say GFL Environmental has signed a deal for the 9,871 square feet available on the top floor of the building, just below its Summit Observatory. The asking rent was $322, TRD reported last summer.

The ultra-premium workspace with sweeping city views contrasts sharply with the job sites of many of GFL’s 18,000 employees across most of Canada and more than half of the 50 states: they provide a non-hazardous solid waste management, infrastructure and soil remediation and liquid waste management services.

Nearby, GFL owns a soil remediation facility in Logan Township, New Jersey, which is being used to cap a 172-acre brownfield site in Gloucester County.

The company was represented in its office search by Rob Lowe of Cushman & Wakefield. SL Green Realty was represented internally by Steve Durels and David Kaufman, among others, and Bob Alexander of CBRE. CBRE declined to comment.

The record rent of $300 per square foot was set by the upper floors of 425 Park Avenue in 2015, when this L&L Holding tower was under construction. Billionaire Ken Griffin’s Citadel hedge fund signed the deal and added it in 2019. A source said it paid $350 per square foot for some of the space, casting doubt on whether the Space One Vanderbilt is the new record holder.

But the 73rd floor of One Vanderbilt is even taller and is the tallest office space in the building, which at 1,400 feet dominates the city skyline.

As one of two so-called sky floors, it offers stunning “helicopter” views of the George Washington Bridge to the Statue of Liberty through its floor-to-ceiling windows. The second floor also has a slab height of 24 feet and a windswept private outdoor area.

Based in Ontario, GFL is the fourth largest diversified environmental services company in North America.

Late last year, building owner SL Green Realty Corp. held interests in 73 properties totaling 34.9 million square feet, including interests in 26.9 million square feet of Manhattan properties and 7.1 million square feet securing debt and preferred stock investments.

SL Green’s Durels declined to comment on the rent but boasted: “The floor is without a doubt the most spectacular floor considering all the factors combined.” Besides its height and novelty, the building benefits from its direct entrances to Grand Central Terminal.

About Shelly Evans

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