SL Green Realty Corp. (SLG - Free Report) , the New York-based real estate investment trust (“REIT”) has made the announcement of closing the $1.5 billion financing for the construction of One Vanderbilt, located in the in midtown Manhattan, NY. The closing of the construction financing implies that the 1,401-foot-tall massive tower will shortly rise near the Grand Central Terminal in Midtown Manhattan.
SL Green mainly acquires, manages, develops and leases commercial office properties in the New York Metropolitan area, especially midtown Manhattan. The One Vanderbilt, well-connected to the Grand Central’s network of mass transit, will be an exquisite addition to the Manhattan skyline. The state-of-the-art office tower will meet the demands of the modern workforce and will offer technologically advanced, Class A office space with best amenities to the clients.
Planned by the New York-based architecture firm, Kohn Pederson Fox, the skyrocketing tower will offer rentable space of 1.6 million square-feet. The tower will cover an entire block, close to Grand Central Terminal, bounded by Madison and Vanderbilt Avenues as well as 42nd and 43rd Streets. Vertical construction is slated to start in the second-quarter 2017, and is scheduled to be completed in 2020.
Some other notable stocks in the REIT space include CorEnergy Infrastructure Trust, Inc. (CORR - Free Report) , Crown Castle International Corp. (CCI - Free Report) and Seritage Growth Properties (SRG - Free Report) .
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