Assets
Office · Midtown Manhattan

One Vanderbilt

One Vanderbilt Avenue, Midtown Manhattan · Built 2020 · 62 floors
Partial
Current value
$4.70B
▲ 8.3% 1-yr (modeled)
Cap rate
4.25%
▼ 15 bps vs 4.40% submarket
NOI · derived
$191.3M
Value $/SF
$2,686
$3.78B$4.03B$4.29B$4.54B$4.80B201920202021202220232024Modeled trajectory — no observed history
sourcedmodeled0 of 6 sourced

Ownership & debt

Ownership transparency

Recorded chain
Recorded owners
SL Green Realty Corp.
US-MD · Stock Corporation · Fee simple · 55% interest
National Pension Service of Korea (NPS) ~27.6%
KR · 공공단체 · Equity interest
Mori Building Company ~16% (11% acquired Nov 2024 + additional 5% closed Oct 15, 2025)
JP · 株式会社 · Equity interest
Hines ~1.4%
US-DE · Limited Partnership · Equity interest
Ultimate beneficial owner — as recorded
SL Green Realty Corp. (NYSE: SLG)
US-MD · Stock Corporation · Beneficial interest
Corporate structures from GLEIF LEI Level-1/Level-2 data (CC0, golden copy 2026-07-26). Methodology

Debt

Wells Fargo Bank, N.A. and Goldman Sachs Bank USA (lead arrangers; syndicate incl. Bank of America, Bank of China, Bank of Montreal, Deutsche Bank, JPMorgan Chase, Barclays, Citi)
10-year fixed-rate single-asset/single-borrower CMBS refinancing (closed June 2021) · 2.855% · matures 2031
$3.00B
LTV
63.83%
Debt yield
6.38%
Securitized debt — SEC loan tape
No SEC ABS-EE loan-level filing is matched to this asset. Public loan tapes exist only for SEC-registered CMBS — most large-asset debt is 144A-private, balance-sheet or agency financed and files none.

Financials

Modeled from sourced NOI, debt & rent inputs
DSCR
2.23×
Current cash-on-cash
6.21%

Tenants & leasing

estimated
Occupancy
98.0%
WALT (area-wtd)
12.1 yrs
Top-3 concentration
43%
TD Bank / TD SecuritiesThe Carlyle GroupKPS Capital PartnersDZ Bank / DVB Bank
Per-tenant lease detail arrives with disclosed stacking plans.
Top 4 of ~24 tenants shown. Occupancy / WALT / concentration are whole-building estimated figures.

Underwriting

Assumptions — user inputs, not sourced data: 5-year hold · exit cap +25 bps vs today · 3.0% NOI growth per year.
Assumptions — user inputs, not sourced data
Hold period
Exit cap vs today
+25 bps
NOI growth / yr
3.0%
Unlevered IRR
5.3%
Levered IRR
9.4%
Equity multiple
1.50×
Exit cap
4.50%
Exit value
$4.93B
Exit NOI
$221.7M
Levered IRR sensitivity — exit cap Δ × NOI growth
Exit Δ2.0%2.5%3.0%3.5%4.0%
-25 bps12.2%13.4%14.6%15.7%16.9%
0 bps9.5%10.7%12.0%13.2%14.4%
+25 bps6.8%8.1%9.4%10.7%11.9%
+50 bps4.1%5.5%6.9%8.2%9.5%
+75 bps1.4%2.9%4.4%5.8%7.1%
Modeled output — not investment advice. Derived from the assumptions above, not sourced claims.

Provenance footnotes

  1. Current value: Estimated — no sourced claim on file.
  2. Cap rate: Estimated — no sourced claim on file.
  3. NOI: Estimated — no sourced claim on file.
  4. $/SF: Estimated — no sourced claim on file.
  5. GLA: Estimated — no sourced claim on file.
  6. Ownership — SL Green Realty Corp.: Single source — slgreen.com · https://slgreen.com/mori-building-co-ltd-completes-additional-investment-in-sl-greens-one-vanderbilt-avenue/
  7. Ownership — National Pension Service of Korea (NPS) ~27.6%: Single source — slgreen.com · https://slgreen.com/mori-building-co-ltd-completes-additional-investment-in-sl-greens-one-vanderbilt-avenue/
  8. Ownership — Mori Building Company ~16% (11% acquired Nov 2024 + additional 5% closed Oct 15, 2025): Single source — slgreen.com · https://slgreen.com/mori-building-co-ltd-completes-additional-investment-in-sl-greens-one-vanderbilt-avenue/
  9. Ownership — Hines ~1.4%: Single source — slgreen.com · https://slgreen.com/mori-building-co-ltd-completes-additional-investment-in-sl-greens-one-vanderbilt-avenue/
  10. Debt — Wells Fargo Bank, N.A. and Goldman Sachs Bank USA (lead arrangers; syndicate incl. Bank of America, Bank of China, Bank of Montreal, Deutsche Bank, JPMorgan Chase, Barclays, Citi): Single source — globenewswire.com · https://www.globenewswire.com/news-release/2021/06/28/2253779/0/en/SL-Green-Completes-3-Billion-Refinancing-of-One-Vanderbilt-Avenue.html
  11. Tenant — TD Bank / TD Securities: Single source — therealdeal.com · https://therealdeal.com/magazine/new-york-july-2019/one-vanderbilt-goes-viral/
  12. Tenant — The Carlyle Group: Single source — en.wikipedia.org · https://en.wikipedia.org/wiki/One_Vanderbilt
  13. Tenant — KPS Capital Partners: Single source — commercialobserver.com · https://commercialobserver.com/2019/04/kps-capital-partners-lease-one-vanderbilt-sl-green-corp/
  14. Tenant — DZ Bank / DVB Bank: Single source — en.wikipedia.org · https://en.wikipedia.org/wiki/One_Vanderbilt

Modeled figures — LTV, debt yield, DSCR, cash-on-cash, occupancy, WALT, tenant concentration and every underwriting output are derived arithmetic, not sourced claims. Underwriting outputs follow the assumptions printed in the panel — user-editable inputs, not observations. Not investment advice.

Anchoring begins when the asset enters the live ledger.