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One Vanderbilt Avenue Manhattan SL Green Realty New York office space

SL Green and Partners Line Up $2.25B+ Refi on One Vanderbilt

SL Green Realty Corp. said it had arranged a refinancing on the new office tower at One Vanderbilt Ave. in Midtown Manhattan. The REIT and its joint venture partners entered into $2.25 billion of 10-year, fixed-rate forward starting swaps in anticipation of the refi.

Announced as part of SL Green’s first-quarter financial results, the refi is anticipated to be in excess of the swapped amount. The swaps have a weighted average interest rate of 1.6114%. Further details on the timing of the refi closing weren’t immediately available.

Earlier this week, SL Green said One Vanderbilt and its entire core portfolio had achieved the WELL Health-Safety Rating. The portfolio-wide certification occurred one month after the company relocated its headquarters to One Vanderbilt.

Q1 saw SL Green report a net loss of $(0.11) per share, along with funds from operations of $128.3 million, compared to FFO of $172 million for Q1 2020.


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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 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).