{"id":1004165388,"date":"2017-01-30T04:40:44","date_gmt":"2017-01-30T12:40:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004165388"},"modified":"2022-12-09T02:14:27","modified_gmt":"2022-12-09T10:14:27","slug":"sl-green-partners-up-on-3b-nyc-office-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sl-green-partners-up-on-3b-nyc-office-project\/","title":{"rendered":"SL Green Partners Up on $3B NYC Office Project"},"content":{"rendered":"

By Barbra Murray, Contributing Editor<\/em><\/p>\n

New York<\/strong>\u2014SL 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.<\/p>\n

\"One<\/a>

One Vanderbilt<\/p><\/div>\n

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. \u201cThe 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,\u201d Marc Holliday, CEO of SL Green Realty Corp., said during the company\u2019s fourth quarter 2016 earnings call on January 26. Lofty goals for some, but not so much for New York City\u2019s largest office landlord. One Vanderbilt is practically a money magnet.<\/p>\n

In September 2016, SL Green landed $1.5 billion<\/a> of construction financing for the 58-story structure, which, at 1,401 feet in height, will hold the title of Midtown Manhattan\u2019s tallest building and New York City\u2019s second-tallest tower. The financing allowed construction of the Kohn Pedersen Fox Associates-designed, skyline-altering building to get underway, which it did with a groundbreaking in October<\/a>.<\/p>\n

Securing Hines as a new partner was a no-brainer; the real estate company has been aboard the project since its conception seven years ago. NPS\u2019s involvement came as a result of what Holliday described as a \u201cglobal exploratory process.\u201d\u00a0 The pension fund\u2019s decision to invest in a premier U.S. office asset dovetails with current trends<\/a> in foreign investment in U.S. commercial real estate. South Korea was among the five largest investors in the U.S. market last year, according to a mid-2016 report by real estate investment services firm Marcus & Millichap.<\/p>\n

The recapitalization of One Vanderbilt, Holliday continued, \u201cstrikes the right balance between reducing SL Green’s overall capital commitment to the project while still maintaining 71 percent ownership for the future.\u201d<\/p>\n

Tishman Construction is aboard the One Vanderbilt project as general contractor<\/a>. Construction of the project, which will span an entire city block adjacent to Grand Central Terminal, is on track to reach completion in 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

The REIT has sold minority interests in the One Vanderbilt trophy high-rise to the National Pension Service of Korea and Hines.<\/p>\n","protected":false},"author":969,"featured_media":1004165391,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21808,21825,1600,21742,10,21747],"tags":[32797,33717,33716,33715,32895],"class_list":["post-1004165388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-hines","tag-kohn-pedersen-fox","tag-marc-holliday","tag-one-vanderbilt","tag-sl-green-realty-corporation"],"acf":[],"yoast_head":"\nSL Green Partners Up on $3B NYC Office Project - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/sl-green-partners-up-on-3b-nyc-office-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SL Green Partners Up on $3B NYC Office Project\" \/>\n<meta property=\"og:description\" content=\"The REIT has sold minority interests in the One Vanderbilt trophy high-rise to the National Pension Service of Korea and Hines.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sl-green-partners-up-on-3b-nyc-office-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-01-30T12:40:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:14:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/One-Vanderbilt.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"879\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-partners-up-on-3b-nyc-office-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/sl-green-partners-up-on-3b-nyc-office-project\/\",\"name\":\"SL Green Partners Up on $3B NYC Office Project - 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