YU Real Estate Professionals Hosts Presentation by Marc Holliday
On June 15, the YU Real Estate Professionals hosted a presentation by Marc Holliday, CEO of SL Green Realty Corp, titled “One Vanderbilt: A Transformational Development Project with Private and Public Benefits.” The presentation took place at Morrison & Foerster LLP and was sponsored by Meridian Capital Group.
When construction is completed, One Vanderbilt, located at 42nd Street and Vanderbilt Avenue across from Grand Central Terminal, will be 1,400 feet tall with 1.7 million square feet, built at a cost of just over $3 billion. Funding for the project comes from a joint venture among SL Green, the National Pension Service of Korea and Hines.
Holliday covered the project’s history and financial challenges, and explained how his analysis of commercial development in New York City, including vacancy rates, space availability, urban economic activity and location in the city, convinced him that One Vanderbilt would be a good investment.
“Part of One Vanderbilt is about opening up new frontiers in the city and building the icons and landmarks of the future,” he noted. “We need to do this to keep up with the rest of the world and deliver the best to the people who live and work here.”
In a question and answer session following the lecture, participants touched on the building’s security design, the effect of telecommuting on office rentals, the development of Hudson Yards, the future of investment in New York City commercial enterprises, the LEED Gold certification of the building (Leadership in Energy and Environmental Design), the weakness of the real estate investment trust sector and the mix of tenants for One Vanderbilt.
Bruce Schanzer ’91YC, ’93C, co-chair of the YU Real Estate Professionals, noted that Marc Holliday’s presentation “demonstrates how a networking group like ours can connect our talented undergrads and alumni with the people shaping the skyline and future of New York City. Through these connections we can link YU students to mentors, internships and full-time jobs. I encourage all alumni to become more involved so that they can take advantage of opportunities to connect with their peers and further their careers while supporting Yeshiva University.”
The YU Real Estate Professionals is one of many professional networks sponsored by the Office of Alumni Affairs. More information about the networks can be found at www.yuprofessionalnetworking.com. YU ALUMinate offers YU alumni the chance to post jobs, make professional connections and search for mentors at www.yualuminate.com.