SL Green has sold a 49.5% interest in One Madison Avenue to the National Pension Service of Korea (NPS) and Hines. NPS and Hines have committed to invest at least $492.2 million in equity to the project, according to a press release.
- Anticipated completion date is 2023: The existing office building will be demolished down to its ninth floor and the developers will build 17 new floors above it. Upon completion, the $2.3 billion project will span 1.4 million rentable SF. Credit Suisse currently occupies 1.1 million SF at the property, and their lease expires in December 2020.
- Be Smart: NPS and Hines are also investors in SL Green’s One Vanderbilt, after acquiring a combined 29 percent stake in early 2017.