- SL Green is suing Tennor Holding B.V. for $15M in unpaid rent and compensation related to space leased in One Vanderbilt, its flagship Midtown tower.
- Tennor initially signed a 10-year lease for a full floor in 2022, with plans to occupy the space by mid-2023, but defaulted on payments beginning in 2022.
- SL Green terminated the lease in January 2024, but claims the tenant still owes nearly $14M in back rent, plus $1.7M in additional fees.
- The lawsuit comes as top-tier office space in Manhattan tightens, with Midtown vacancy rates dropping to just 7.5% in Q1 2025.
SL Green Takes Legal Action
According to Bisnow, SL Green, the largest office landlord in Manhattan, has taken legal action against a tenant in its prized One Vanderbilt tower, alleging unpaid rent totaling $15M. The complaint, filed in New York Supreme Court on April 23, targets global investment firm Tennor Holding B.V., a tenant since early 2022, and marks a high-stakes rent dispute in one of the city’s most prestigious buildings.
A High-Profile Lease Gone South
Tennor signed a full-floor, 25,000 SF lease in January 2022 for a 10-year term, with move-in scheduled for June 2023. Concurrently, it leased 7,000 SF of temporary space on the 54th floor.
However, SL Green claims that by September 2022, Tennor began defaulting on payments for the temporary lease. Despite reaching a short-term settlement and two subsequent extensions, Tennor allegedly stopped paying altogether in August 2023, escalating the rent dispute further.
The landlord officially terminated the lease in January 2024 and now claims Tennor owes $13.8M in base rent plus $1.7M in other charges.
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A Tighter Trophy Market
The dispute highlights growing demand for top-tier office space in Manhattan. One Vanderbilt hit full occupancy in September 2024, with a final lease inked at $265 PSF. As of Q1 2025, overall availability in Midtown sits at just 7.5%, showing strong demand for trophy office buildings even amid broader office market challenges.
SL Green’s broader Manhattan office portfolio is 92.5% leased, according to its latest annual report.
What’s Next
Neither SL Green nor Tennor have publicly commented on the lawsuit. The case underscores the stakes in Manhattan’s top-tier office market, where premium space commands premium prices—and expectations.
