One Vanderbilt Secures $3 Billion CMBS Financing in Grand Central Market
SL Green Realty, National Pension Service of Korea, and Hines secure $3 billion in CMBS financing for One Vanderbilt office building in Grand Central market.
One Vanderbilt, a 1.7 million-square-foot office tower located at 42nd Street and Vanderbilt Avenue, has secured a $3 billion CMBS financing, making it one of the largest real estate loans in recent history. The building, which was completed in 2020, has quickly become a landmark in the Grand Central market, offering state-of-the-art office space and amenities. The property is owned by SL Green Realty, National Pension Service of Korea, and Hines.
The loan was provided by a syndicate of lenders, led by Wells Fargo with a 51% share, followed by Goldman Sachs with a 20% share. Other lenders include Bank of America, Bank of China, Bank of Montreal, Deutsche Bank, JPMorgan, Barclays, and Citi. The 10-year, fixed-rate financing is backed by commercial mortgage-backed securities (CMBS).
SL Green Realty, the largest office landlord in New York City, has been actively leasing space in One Vanderbilt, with the building last reported to be 89% leased on June 7. The property’s prime location, state-of-the-art design, and amenities have attracted a diverse range of tenants, including TD Bank, Carlyle Group, and KPS Capital Partners.
The deal was brokered by a team from Eastdil Secured, led by Jeffrey Hines, and a team from Goldman Sachs, led by David Solomon and Stephen Green. The financing will provide SL Green Realty, National Pension Service of Korea, and Hines with the capital needed to continue to invest in the property and attract new tenants to the building.