SL Green Realty Corp. has agreed to extend and modify its loan for its adaptive reuse project, One Madison Avenue. The terms include a $1.25 billion mortgage facility with a 3.10 percent secured overnight financing rate (SOFR), and the maturity running through November 2027.
Led by Wells Fargo, the facility features 14 global banks.
As of December 3, the property was more than 65 percent leased — with the retail and tower floors at full occupancy. Some tenants at One Madison include Coinbase, Palo Alto Networks, IBM, and Franklin Templeton.
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The property was designed by Kohn Pedersen Fox and consists of floor-to-ceiling windows, column-free spaces, event space, and dining options including the newly opened French-style steakhouse, La Tête d’Or by Daniel.
"One Madison Avenue has set a new standard for the modern work experience, attracting top-tier companies with an unparalleled amenity program featuring La Tete d’Or, Le Jardin sur Madison and Chelsea Piers,” Robert Schiffer, executive vice president of development for SL Green, said in a statement.
"The loan modification provides mechanisms to facilitate stabilization of the property and furthers our goal of extending our near-term maturities while keeping rates unchanged."
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