SL Green JV Eyes $1.7B Refi for Manhattan Building

March 20, 2026

Office Finance New York News More Northeast

Five banks will co-originate the CMBS note.

Exterior shot of One Madison Ave., a 1.3 million-square-foot office property in Manhattan's Gramercy Park. — The 1.3 million-square-foot office building has recently undergone capital renovations which added an 18-story tower above the original 1893-completed building. *Image courtesy of Yardi Matrix*

SL Green Realty Corp., in partnership with the National Pension Service of Korea, Mastern Investment Management Co. and Hines, is seeking a $1.7 billion refinancing loan for One Madison Ave., its 1.3 million-square-foot office tower in Manhattan’s Gramercy Park, according to a Fitch Ratings report.

Wells Fargo Bank, Goldman Sachs Mortgage Co., JPMorgan Chase Bank, Bank of America and German American Capital Corp. will co-originate the five-year, fixed-rate CMBS note.

Trimont LLC and Argentic Services Co. will serve as master and special servicer, respectively, while Computershare Trust Co. will act as trustee.

The refinancing will retire $1.2 billion of existing debt, allocate $136 million of upfront reserves, return $307.9 million of equity, set aside $11.1 million of ICAP reserve and cover $15 million in closing costs. The deal is scheduled to close next month.

A closer look at One Madison Ave.

The LEED Gold-certified One Madison Ave. has been under SL Green Realty’s ownership since 2005, when the company purchased it from MetLife Real Estate Investment for $801.7 million, or $574 per square foot, according to Yardi Matrix information.

Completed in 1893, One Madison Ave. underwent a $2.3 billion redevelopment in 2020, which added a new, 18-story tower above the original nine-story base building. The newly added space came online in 2023 and features 35,000-square-foot floorplates.

The largest tenants in the property’s roster are Franklin Templeton and IBM, which occupy 354,603 square feet and 362,092 square feet, respectively, accounting for a total of 52.3 percent of the building’s net rentable area. Other companies at the high-rise include Coinbase, Sigma Computing, Benefit Street Partners and Chelsea Piers. At the time of the deal, One Madison Ave. was 98.9 percent leased by 16 office and retail tenants.

Since the start of the year, several Manhattan office landmarks have secured large CMBS refinancing packages. The list includes Vornado Realty Trust, which obtained a $525 million note for its 944,571-square-foot One Park Ave. Similarly, last month, Brookfield Properties entered an agreement to refinance the 9.4 million-square-foot Brookfield Place complex in Lower Manhattan with an $800 million package originated by Citi Real Estate Funding Inc., JPMorgan Chase, The Bank of Nova Scotia and Wells Fargo.

SL Green’s recent activity

Among SL Green Realty’s most recent deals is the closing of its SLG Opportunistic Debt Fund in December 2025, with total capital commitments exceeding $1.3 billion. The fund will reportedly target high-quality properties across New York City and will issue new loans, as well as purchase existing loans, loan portfolio and controlling CMBS securities.

More recently, in February 2026, the company and RXR were faced with a $940M foreclosure lawsuit after allegedly defaulting on a loan correlated to the Worldwide Plaza office tower, after the loss of a major tenant. Goldman Sachs and Deutsche Bank filed the lawsuit over the 49-story asset and its adjacent mixed-use space.