SL Green’s One Vanderbilt Deal Values Iconic Tower at $4.7B

According to The Real Deal, SL Green Realty Corp. (SLG) sold an 11% stake in its flagship Midtown Manhattan office tower, One Vanderbilt, to Japan’s Mori Building Company.

The transaction, announced Thursday, assigns a $4.7B valuation to the 1.7 MSF skyscraper.

Deal Details

SL Green previously owned 71% of the building, with the remaining stakes held by Korea’s National Pension Service (27.6%) and Hines (1.4%).

While SL Green did not disclose how this valuation compares to previous ones, a 2021 appraisal from Newmark Knight Frank valued the tower at $4.1B “as-is,” with a $5B projection upon full stabilization.

Beacon of Modern Design

One Vanderbilt, standing at 1,401 feet, is celebrated for its cutting-edge design and sustainability features. 

Unsurprisingly, the trophy tower is fully leased, attracting prestigious tenants willing to pay premium rates.

In 2022, a Canadian firm leased the 73rd and top floors of the tower for an asking rent of $322 PSF—one of the highest rates ever recorded in New York City.

What They’re Saying

“One Vanderbilt is a globally renowned and architecturally celebrated modern development,” said SL Green CEO Marc Holliday. “It continues to demonstrate that well-located, highly amenitized, and sustainable buildings will attract premier tenants and prestigious investors.”

This strategic deal further solidifies One Vanderbilt’s status as a premier asset in SL Green’s portfolio and as a benchmark in the competitive office real estate market.