Financing secured for Manhattan office tower

WCN Editorial Team 30 Sep 2016 NORTH AMERICA BUILDINGS

US-based developer SL Green Realty has secured $1.5bn in financing for the construction of an office tower in midtown Manhattan, New York.

The 58-storey office development, known as One Vanderbilt, is being developed on a site next to Grand Central Terminal.

The tower, designed by Kohn Pederson Fox, will cover an area of 148,600sq m. Upon completion, the 1,401ft-tall building is expected to become the tallest building in midtown Manhattan and the second tallest in New York.

One Vanderbilt will include direct connections to Grand Central’s network of mass transit — being improved by SL Green as part of the project.

The project will be managed by Tishman Construction.

SL Green managing director Robert Schiffer said: “Closing on the construction financing means that nothing stands in the way of One Vanderbilt becoming an iconic addition to the Manhattan skyline.

“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.”

Vertical construction is set to commence in the second quarter of 2017, and is expected to be finished in 2020.

* Data provided by Timetric's Construction Intelligence Center.

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