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SL Green, PGIM Near $1.4B Refi of 11 Madison Ave.

A joint venture of SL Green Realty Corp. and PGIM Real Estate is set to close on a $1.4-billion refinancing for 11 Madison Ave., a 2.3-million-square-foot office tower in Midtown South, Crain’s New York Business reported. Wells Fargo, JPMorgan Chase, Bank of America, Goldman Sachs Bank, German American Capital Corp. and Bank of Montreal will originate the loan, which replaces a $1.1-billion financing that matured this month.

Loan proceeds will be used to repay existing debt and to fund a tenant improvement and leasing commission. SL Green paid approximately $2.4 billion to acquire the 30-story office property from the Sapir Organization in 2015. PGIM took a 40% ownership stake in the tower the following year.

Between 2016 and 2024, the property maintained occupancies above 95%, according to published reports. Pinterest and Tempus AI recently joined the tenant roster at 11 Madison, which was completed in phases between 1932 and 1950.

Read More News Stories About: SL Green Realty Corp
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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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