SL Green Realty Corp. has sold a 25 percent interest in One Madison Avenue 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 percent interest in the property, while its joint-venture partners, the National Pension Service of Korea and Hines, retained a 49.5 percent interest. SL Green Realty Corp. and Hines are co-developing the $2.3 billion project. This transaction follows the successful signing of Chelsea Piers Fitness in October as the flagship retail tenant at the building.
The development of One Madison Avenue, which is ahead of schedule and under budget, is transforming the existing full-block structure into a 27-floor, 1.4-million-square-foot, state-of-the-art office tower with cutting-edge infrastructure, best-in-class healthy work environment and a forward-thinking amenity program.
“New York City’s investment market remains resilient and the One Madiso
