Posted Oct 22, 2019, 7:34 PM
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Join Date: Jul 2001
Location: Borough of Jersey
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https://commercialobserver.com/2019/...g-office-game/
Green Giant: Andrew Mathias on SL Green’s Changing Office Game
The REIT's president talks about three major developments and why he’s so interested in Madison Square Park
BY SARIKA GANGAR
OCTOBER 22, 2019
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On SL Green’s website, there’s a map of the REIT’s properties where miniature versions of its offices dot the New York City grid like pieces on a gameboard. The lean and sharp-angled One Vanderbilt is a few moves away from the blocky 1185 Avenue of the Americas, which is in striking distance of the stately 825 Eighth Avenue with its copper crown.
In the middle of an office game that’s increasingly being played out in new and interesting neighborhoods, SL Green has been busy devising its strategy. After all, they’re among the city’s largest office landlords, with ownership interests in about 27.2 million square feet in Manhattan alone.
Andrew Mathias, the firm’s 45-year-old president, has been busy leading that charge. The 20-year veteran of the firm has been handling a slew of new developments as the REIT plots three major additions to the gameboard. The firm just topped out at One Vanderbilt in Midtown and is turning its attention to adaptive reuse projects at One Madison Avenue in Midtown South and at 410 Tenth Avenue (formerly 460 West 34th Street) on the far west side.
Commercial Observer caught up with Mathias at the firm’s sleek Midtown headquarters to discuss the firm’s new blockbuster projects
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What’s the update at One Vanderbilt?
We topped out [in September]. On leasing we’re at 60 percent. And we have four other floors in lease negotiations now so that would take us north of 65 percent if we’re able to convert all of those lease negotiations; they’re mostly financial-type tenants which is pretty consistent with the balance of the building.
The exciting part for me is that, as we put curtain wall on the upper floors and as you see the glass sort of grow up the building, I can finally take tenants up and show them their floor with their windows, their space. It has a real impact on people. It’s had a big boost to the lease-ability of the upper floors; we would expect to start to do some leases in the top of the building.
SL Green is among the firms moving into One Vanderbilt. Have you picked out your office yet?
We are designing our offices as we speak, same architect as who did our current office, and we’re on the 27th and 28th floors. We’re exploring the modern workplace and trying to figure out how we can be more efficient in our use of space … starting with a blank slate has given us that opportunity at One Vanderbilt, which we’re very excited about.
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