Finance firm leases 100K SF at SL Green’s One Vanderbilt
Stone Ridge’s rent will reach as high as $245 psf over 15-year deal
Stone Ridge Asset Management is the latest tenant to crack open the vault for space at SL Green’s One Vanderbilt.
The asset manager agreed to a 100,000-square-foot lease at rents rising to $245 per square foot over 15 years at the trophy tower. That’s approximately three times the average Midtown rent.
It’s not clear when the company will move from its spot at 560 Madison Avenue, but the new space will be an increase in size, according to the Commercial Observer.
The lease was first reported by Insider, which noted that the company will eventually occupy four floors of the building, built in a rezoned corridor next to Grand Central Terminal. It’s unclear which floors it will take or what the starting rent will be.
SL Green is seeking record-setting rents for the tower’s higher floors — up to $322 per square foot annually.
One Vanderbilt was opened in September 2020, five months before Covid vaccinations got underway. TD Bank is an anchor tenant.
In late June, SL Green closed on a $3 billion refinancing of the building. A group of banks spearheaded by Wells Fargo and Goldman Sachs provided the single-asset CMBS loan, one of the biggest ever.
[CO] — Holden Walter-Warner
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