SL Green Sells 49.5% Interest in One Madison Avenue to Hines and Korea NPS
Posted on 05/06/2020
SL Green Realty Corporation is the largest office landlord in Manhattan. SL Green sold a 49.5% interest in One Madison Avenue to the National Pension Service of Korea (NPS) and Hines Interest LP for an aggergate equity value of no less than US$ 492.2 million.
In addition, SL Green and Hines are co-developing the US$ 2.3 billion project that will have 1.4 million rentable square feet when finished. Kohn Pedersen Fox Associates will lead the redesign of One Madison Avenue. The building will be demolished down to the existing ninth floor in order to create 17 new glass and steel column-free floors above.