SL Green Realty announced a number of deals Monday morning, including the news it has sold a 25% stake in One Madison Ave., to an international investor.
The buyer has committed aggregate equity to the project totaling no less than $259.3 million. SL Green retained a 25.5% interest in the property, while its joint venture partners, the National Pension Service of Korea and Hines, retained their 49.5% interest. SL Green and Hines are co-developing the $2.3 billion project and have signed Chelsea Piers Fitness as the flagship retail tenant. One Madison Ave., is a 27-floor, 1.4 million square foot office tower currently under development that is expected to deliver in less than 23 months.
"New York City's investment market remains resilient and the One Madison Avenue transaction demonstrates the strong appetite by institutional investors for trophy assets located in prime sub-markets," said CEO Marc Holliday in prepared remarks.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
