One Vanderbilt Gets a Huge Boost

The 58-floor One Vanderbilt will be the tallest building in Midtown and the second tallest in the city.

NEW YORK CITY—SL Green Realty Corp. has closed on $1.5 billion of construction financing for One Vanderbilt, ensuring that the 1,401-foot-tall, office tower soon will rise adjacent to Grand Central Terminal. The 1.6 million rentable-square-foot trophy tower will include direct connections to Grand Central’s network of mass transit. The station, and its transportation offerings, are slated for improvement from $220 million in upgrades SL Green is implementing as part of the project.

The facility, led by Wells Fargo Bank as administrative agent, The Bank of New York Mellon, JP Morgan Chase Bank, TD Bank and Bank of China, as syndication agents—and Landesbank Baden-Württemberg as documentation agent—has a term of up to seven years and bears interest at a floating interest rate of 3.50% over LIBOR, with the ability to reduce the spread to as low as 3.00% upon achieving certain pre-leasing and completion milestones.