NEW YORK CITY- SL Green, a New York-based real estate investment trust, is on the hunt for one or more business partners for its office development at One Madison Avenue in Midtown South, according to news reports.
In the arrangement, SL Green will maintain a majority share in the building in the 50/50 joint-venture, leaving the stake range between 45% and 49%. Hines is also involved in the development, as an equity and development.
SL Green's past business partners like Prudential's PGIM Real Estate, who partnered with SL Green on the neighboring 11 Madison Avenue, and the National Pension Service of Korea, a One Vanderbilt partner, could act as potential equity investors in the development.
The deadline to confirm a partnership is six months away. A portion of the proceeds from the joint venture will go to its share buyback program or future acquisitions.
Calls to SL Green were not returned by press time.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
