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Loeb & Loeb Advises TD Bank in 200K SF Anchor Lease at SL Green’s One Vanderbilt, and Related Transactions

Loeb & Loeb LLP partners Raymond A. Sanseverino, Chair of the firm's Real Estate Department, and Michael B. Kinney, along with associate Dana Rosenthal, represented TD Bank US Holding Company in connection with multiple related transactions involving SL Green’s redevelopment of New York’s Grand Central Terminal area with the construction of a new skyscraper to be known as One Vanderbilt. Expected to be delivered in 2020, One Vanderbilt will change the skyline of Midtown Manhattan and contain up to 1.6 million square feet of office space. One Vanderbilt is to be built on the site upon which 317 Madison Avenue and three other office buildings are currently located.
The transactions included agreements to terminate the Bank's existing office lease and retail branch lease at 317 Madison Avenue (thereby permitting the future demolition of that building), the negotiation and signing of a new lease for approximately 200,000 square feet of office space and a retail branch lease at One Vanderbilt, and leases for multi-floor office space and a retail branch at SL Green’s building located at 125 Park Avenue. The transactions also included multiple years of advertising time on an electronic billboard owned by SL Green located in the Times Square area.