SL Green Signs First Republic Bank to Anchor Office Building Redevelopment in Manhattan
NEW YORK CITY — SL Green Realty Corp. has signed First Republic Bank to a 211,521-square-foot lease at 460 W. 34th St. in the Hudson Yards neighborhood on Manhattan’s west side. First Republic Bank will occupy a portion of the ground and mezzanine floors with two new retail bank branches, as well as the entire second through sixth floors for its corporate office space. The lease term is 15 years.
SL Green, which is self-described as the largest office landlord in New York City, had previously entered into a contract to purchase a majority and controlling interest in the building and is scheduled to close on the acquisition in May. Media outlets reported at the time that the acquisition values the 20-story office building at $440 million.
SL Green plans to redevelop the 638,000-square-foot, Class A office tower with work to commence immediately following the acquisition. According to SL Green, the transaction marks the company’s first major investment in the Hudson Yards neighborhood.
The building, located at the intersection of Hudson Yards and Manhattan West, was once known as the Master Printers Building. The redevelopment plans will honor that industrial heritage, according to SL Green. The project will include relocation of the building’s lobby entrance from the 34th Street side to 33rd Street. The new lobby will have 9-foot windows, new elevators and storefronts, and a new 5,000-square-foot rooftop deck will include a 3,000-square-foot lounge area.
Frank Doyle, David Kleiner, Betsy Buckley and Ellen Grace of JLL represented First Republic Bank in the lease transaction. Brian Waterman, Scott Klau and Eric Harris of Newmark Knight Frank represented SL Green.
Founded in 1985, First Republic Bank and its subsidiaries offer private banking, private business banking and private wealth management, including investment, trust and brokerage services.
SL Green is a fully integrated real estate investment trust that focuses primarily on acquiring and managing Manhattan commercial properties. As of Dec. 31, 2018, SL Green held interests in 101 Manhattan buildings totaling 46 million square feet.
— Kristin Hiller