Key Takeaways
- • SL Green secured three major leases totaling 81,304 square feet at One Vanderbilt Avenue in East Midtown Manhattan, bringing the tower to 79% occupancy with institutional anchor tenants MSD Partners, Mubadala Investment Company (via Mamoura Holdings), and Nearwater Management.
- • MSD Partners, the investment vehicle managing assets for Michael S. Dell and his family, committed to a 35,567-square-foot, 15-year lease covering the entire 26th floor, signaling strong institutional demand for premium Midtown office space.
- • Mubadala Investment Company, the UAE sovereign wealth fund, leased 28,448 square feet on the 51st floor for 10 years through its subsidiary Mamoura Holdings, reflecting international capital's continued interest in Manhattan's top-tier office towers.
- • One Vanderbilt has executed 11 new leases since the pandemic began, demonstrating sustained demand for newly constructed, amenity-rich office buildings with proximity to mass transit as companies upgrade their real estate footprints and facilitate employee returns to office.
- • The velocity of leasing activity at One Vanderbilt reflects broader market recovery in Manhattan's office sector, with institutional investors and global firms increasingly willing to commit to large, long-term leases in premium locations.
Summary
SL Green Realty Corp., Manhattan's largest office landlord, announced three significant leases at One Vanderbilt Avenue, the 1,401-foot East Midtown tower that has become a centerpiece of New York City's office market recovery. The leases, totaling 81,304 rentable square feet, bring the building to 79% occupancy and represent institutional demand for newly constructed, state-of-the-art office space in the heart of the market.
The anchor tenant is MSD Partners, the investment adviser managing assets exclusively for Michael S. Dell and his family office. MSD Partners committed to a 35,567-square-foot lease on the entire 26th floor for 15 years, underscoring the appeal of One Vanderbilt to institutional wealth and family office capital. Separately, Mubadala Investment Company, the sovereign wealth fund of the United Arab Emirates, leased 28,448 square feet on the 51st floor through its subsidiary Mamoura Holdings on a 10-year term, demonstrating international capital's appetite for premium Manhattan office assets. A third tenant, Nearwater Management LLC, a specialty finance company providing asset-based financing solutions, leased 17,289 square feet on the 33rd floor for seven years.
According to Steven Durels, Executive Vice President and Director of Leasing at SL Green, the leasing velocity at One Vanderbilt reflects "overwhelming demand by leading companies for highly amenitized, new, state-of-the-art office construction that is centrally located near mass transit." The transaction pipeline remains robust, with SL Green noting that 11 new leases have been signed since the pandemic's onset and anticipating continued momentum as New York's revitalization progresses and companies seek upgraded office environments to support employee returns and operational expansion.
The anchor tenant is MSD Partners, the investment adviser managing assets exclusively for Michael S. Dell and his family office. MSD Partners committed to a 35,567-square-foot lease on the entire 26th floor for 15 years, underscoring the appeal of One Vanderbilt to institutional wealth and family office capital. Separately, Mubadala Investment Company, the sovereign wealth fund of the United Arab Emirates, leased 28,448 square feet on the 51st floor through its subsidiary Mamoura Holdings on a 10-year term, demonstrating international capital's appetite for premium Manhattan office assets. A third tenant, Nearwater Management LLC, a specialty finance company providing asset-based financing solutions, leased 17,289 square feet on the 33rd floor for seven years.
According to Steven Durels, Executive Vice President and Director of Leasing at SL Green, the leasing velocity at One Vanderbilt reflects "overwhelming demand by leading companies for highly amenitized, new, state-of-the-art office construction that is centrally located near mass transit." The transaction pipeline remains robust, with SL Green noting that 11 new leases have been signed since the pandemic's onset and anticipating continued momentum as New York's revitalization progresses and companies seek upgraded office environments to support employee returns and operational expansion.
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