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SL Green Sells Stake in One Madison Project to Hines, NPS
SL Green Realty Corp. has sold a 49.5% interest in its One Madison Ave. redevelopment to the National Pension Service of Korea (NPS) and Hines. NPS and Hines, which are also partnering with SL Green on its One Vanderbilt supertall in Midtown East, have committed $492.2 million in equity to the One Madison office project in Midtown South.
SL Green and Hines will co-develop the $2.3-billion One Madison project, which will span 1.4 million rentable square feet upon completion. Three existing floors will be demolished, and 18 new ones will be added.
“NPS and Hines have been tremendous partners at our iconic development at One Vanderbilt Avenue,” said Marc Holliday, CEO of SL Green. “We are extremely pleased to bring this world-class team and partnership together again to deliver One Madison Ave., Midtown South’s most ambitious adaptive-reuse project.”
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- ◦Sale/Acquisition
