SL Green Realty Corp. (NYSE:SLG), Manhattan’s largest office
landlord, today announced that it has sold a 49.5% interest in One
Madison Avenue to the National Pension Service of Korea ("NPS") and
Hines Interest LP ("Hines"). NPS and Hines have committed aggregate
equity to the project totaling no less than $492.2 million. SL
Green Realty Corp. and Hines will co-develop the $2.3 billion
project, which will span 1.4 million rentable square feet upon
completion.
"NPS and Hines have been tremendous partners at our iconic
development at One Vanderbilt Avenue. We are extremely pleased to
bring this world-class team and partnership together again to
deliver One Madison Avenue, Midtown South’s most ambitious
adaptive-reuse project,” said Marc Holliday, Chairman and Chief
Executive Officer of SL Green. “This joint venture partnership
serves as an affirmation of New York City’s market resiliency and
SL Green’s ability to execute its business goals in a demanding
climate.”
"One Madison Avenue will be a market-leading building at the
doorstep of Madison Square Park, and the National Pension Service
of Korea is excited to join SL Green in another marquee project
that will strengthen our already proven partnership," said Scott
Kim, Head of Real Estate Investment Division, National Pension
Service of Korea.
"Hines and SL Green have worked together for over a decade, and
developing One Madison Avenue will be another milestone in our
collaborative partnership. Building upon the success of One
Vanderbilt, we are excited to move forward with an exemplary tower
that will reimagine the Madison Square Park subdistrict,” said
Jeffrey C. Hines, President and Chief Executive Officer.
Kohn Pedersen Fox Associates (KPF), also the lead architect at
One Vanderbilt, will lead the redesign of One Madison Avenue. The
reimagined building will be built as-of-right, using unused
development rights. The building will be demolished down to the
existing ninth floor in order to create 17 new glass and steel,
highly efficient, column-free floors above. The unparalleled
podium, which features 90,000 square foot floorplates, will be
paired with the efficient, virtually column-free 36,000 square foot
floorplates in the newly constructed tower above. Interior and
exterior work to the existing podium, including revitalizing the
lobby, modernizing core elements, enlarging existing windows, all
while activating retail space and below-grade spaces, will create a
complete, seamless, and unrivaled experience in Manhattan’s most
in-demand office district.
The 10th and 11th “Garden Floors” offer over 55,000 square feet
of column-free space featuring 22-foot slab-to-slab heights coupled
with over 29,000 square feet of panoramic accessible terrace space.
These floors create an elegant transition from the contextual
masonry base to the new tower addition. Between the Garden Floors
and terraces throughout the building, One Madison Avenue offers
approximately 1.3 acres of accessible outdoor space, providing a
truly unique opportunity for tenants to create their own exclusive
park in the sky.
About SL Green
SL Green Realty Corp., an S&P 500 company and Manhattan's
largest office landlord, is a fully integrated real estate
investment trust, or REIT, that is focused primarily on acquiring,
managing and maximizing value of Manhattan commercial properties.
As of March 31, 2020, SL Green held interests in 102 buildings
totaling 49.4 million square feet. This included ownership
interests in 28.8 million square feet of Manhattan buildings and
19.6 million square feet securing debt and preferred equity
investments.
About National Pension Service of Korea
The National Pension Service of Korea (NPS) is one of the
largest pension funds in the world with KRW 743 trillion (approx.
$628 billion) in assets as of January 31, 2020. NPS manages its
funds investing in financial investment assets both of domestic and
global, while diversifying the investment portfolio into equities
and alternative asset classes such as private equity, real estate,
and infrastructure project. Out of its total assets under
management, alternative asset component comprises about 11.6%,
including real estate investments globally.
About Hines
Hines is a privately owned global real estate investment,
development and management firm founded in 1957 with a presence in
205 cities in 24 countries and $133.3 billion of assets under
management – including $71 billion for which Hines serves as an
investment manager, including non-real estate assets, and $62.3
billion for which Hines provides third-party property-level
services. Hines has 165 developments currently underway around the
world. Historically, Hines has developed, redeveloped or acquired
1,393 properties, totaling over 459 million square feet. The firm’s
current property and asset management portfolio includes 539
properties, representing over 232 million square feet. With
extensive experience in investments across the risk spectrum and
all property types, and a pioneering commitment to sustainability,
Hines is one of the largest and most-respected real estate
organizations in the world. The Hines New York office opened in
1981 and completed its first developments in 1986. Since that time,
the New York office has completed 24 development and redevelopment
projects totaling 15 million square feet, while acquiring 9.6
million square feet of existing space and has six projects totaling
4.2 million square feet currently underway.
Forward Looking Statement
This press release includes certain statements that may be
deemed to be “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 and are intended
to be covered by the safe harbor provisions thereof. All
statements, other than statements of historical facts, included in
this press release that address activities, events or developments
that we expect, believe or anticipate will or may occur in the
future, are forward-looking statements. Forward-looking statements
are not guarantees of future performance and we caution you not to
place undue reliance on such statements. Forward-looking statements
are generally identifiable by the use of the words “may,” “will,”
“should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,”
“project,” “continue,” or the negative of these words, or other
similar words or terms.
Forward-looking statements contained in this press release are
subject to a number of risks and uncertainties, many of which are
beyond our control, that may cause our actual results, performance
or achievements to be materially different from future results,
performance or achievements expressed or implied by forward-looking
statements made by us. Factors and risks to our business that could
cause actual results to differ from those contained in the
forward-looking statements are described in our filings with the
Securities and Exchange Commission. These risks and uncertainties
include, but are not limited to, potential risks and uncertainties
relating to the novel coronavirus (COVID-19).
SLG - DEV
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Press: BerlinRosen slgreen@berlinrosen.com
Matt DiLiberto Chief Financial Officer 212.594.2700
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