Key Takeaways
- • Sentinel Capital Partners signed a 15-year lease for 28,448 square feet on the entire 51st floor of One Vanderbilt, anchoring SL Green's flagship development at $175 per square foot asking rent.
- • The deal brings One Vanderbilt to 59% leased ahead of its August 2020 opening, demonstrating sustained tenant demand for premium Manhattan office space in the $3.2 billion, 55-story tower.
- • Sentinel relocates its New York City headquarters from 330 Madison Avenue to One Vanderbilt, joining an institutional-grade tenant roster including The Carlyle Group (124,744 SF), Greenberg Traurig (133,000 SF), and TD Securities (119,000 SF).
- • The transaction was brokered by CBRE's Robert Alexander, Ryan Alexander, Emily Jones, and Alex D'Amario for SL Green, with Newmark Knight Frank's Lance Korman and Brian Waterman representing Sentinel Capital Partners.
Summary
Sentinel Capital Partners, a midmarket private equity firm, has executed a significant real estate commitment by securing 28,448 square feet on the entire 51st floor of SL Green Realty Corp.'s One Vanderbilt development. The 15-year lease, negotiated at $175 per square foot asking rent, will serve as the firm's relocated New York City headquarters, moving from its current location at 330 Madison Avenue.
The transaction marks a material milestone for One Vanderbilt, advancing the 55-story, $3.2 billion tower to 59% leased occupancy as the building approaches its August 2020 opening. Designed by Kohn Pedersen Fox and situated between East 42nd and East 43rd Streets, the 1,401-foot skyscraper has attracted high-caliber institutional tenants. The Carlyle Group has committed to 124,744 square feet, law firm Greenberg Traurig secured 133,000 square feet, and TD Securities leased 119,000 square feet, establishing One Vanderbilt as a prime destination for financial services and investment management firms.
Steven Durels, SL Green's director of leasing, characterized the velocity of leasing activity as "robust as we approach the one-year mark from opening," signaling strong market demand for premium office space in the Manhattan tower market. CBRE's brokerage team—comprising Robert Alexander, Ryan Alexander, Emily Jones, and Alex D'Amario—represented SL Green's interests, while Newmark Knight Frank's Lance Korman and Brian Waterman negotiated on behalf of Sentinel Capital Partners. The composition of One Vanderbilt's tenant base reflects the building's positioning as a destination for capital allocators and institutional investors, consistent with post-leasing trends in New York City's office market.
The transaction marks a material milestone for One Vanderbilt, advancing the 55-story, $3.2 billion tower to 59% leased occupancy as the building approaches its August 2020 opening. Designed by Kohn Pedersen Fox and situated between East 42nd and East 43rd Streets, the 1,401-foot skyscraper has attracted high-caliber institutional tenants. The Carlyle Group has committed to 124,744 square feet, law firm Greenberg Traurig secured 133,000 square feet, and TD Securities leased 119,000 square feet, establishing One Vanderbilt as a prime destination for financial services and investment management firms.
Steven Durels, SL Green's director of leasing, characterized the velocity of leasing activity as "robust as we approach the one-year mark from opening," signaling strong market demand for premium office space in the Manhattan tower market. CBRE's brokerage team—comprising Robert Alexander, Ryan Alexander, Emily Jones, and Alex D'Amario—represented SL Green's interests, while Newmark Knight Frank's Lance Korman and Brian Waterman negotiated on behalf of Sentinel Capital Partners. The composition of One Vanderbilt's tenant base reflects the building's positioning as a destination for capital allocators and institutional investors, consistent with post-leasing trends in New York City's office market.
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