⁍ One Vanderbilt, the second tallest office tower in Manhattan after One World Trade Center, opens at a time when leasing prices are in decline.
⁍ Subletting and short-term renewals now account for more than 70% of leases.
⁍ The average lease term at SL Green, the city’s largest office landlord, in the second quarter slid to 4.3 years from 10.1 years in the prior period.
– One Vanderbilt, Manhattan’s second-tallest skyscraper, opened to the public today after a $3.3 billion, 16-year construction project, Reuters reports. Mayor Michael Bloomberg cut the ribbon on the One Vanderbilt, which stands 1,401 feet and is the result of a partnership between the city and its majority owner, SL Green Realty Corp., that included $220 million in improvements to Grand Central Terminal, including new staircases and connections to the subway and suburban rail lines. One Vanderbilt is part of a push by the city to rejuvenate a blocks-long swath of Midtown Manhattan, where buildings on average are 85 years old and most of the office space is more than 30 years old.
Source: https://www.reuters.com/article/us-health-coronavirus-property-onevander/new-tower-opens-as-pandemic-crushes-manhattan-office-market-idUSKBN2651JN