SL Green Partners Up on $3B NYC Office ProjectBy
The REIT has sold minority interests in the One Vanderbilt trophy high-rise to the National Pension Service of Korea and Hines.
New York—SL Green Realty Corp. has recapitalized One Vanderbilt Avenue, its 1.7 million-square-foot trophy office project in Midtown Manhattan, to the tune of a half-billion dollars. The REIT sold minority interests in the asset to the National Pension Service of Korea and project development manager Hines Interest LP, keeping the $3.2 billion project right on schedule.
NPS took a 27.6 percent stake in One Vanderbilt, while Hines snapped up a 1.4 percent interest, with the new partners committing a total minimum equity investment of $525 million. “The completion of a joint venture with NPS and Hines brings to a successful conclusion our capitalization goals for the project that we set forth on this call one year ago,” Marc Holliday, CEO of SL Green Realty Corp., said during the company’s fourth quarter 2016 earnings call on January 26. Lofty goals for some, but not so much for New York City’s largest office landlord. One Vanderbilt is practically a money magnet…
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