SL Green Realty Corp. has closed a $3 billion, 10-year, fixed-rate financing of One Vanderbilt Avenue, the skyline-defining tower in the heart of New York City’s East Midtown. The property, which opened in September 2020, is owned by a joint venture between SL Green, National Pension Service of Korea and Hines Interests.
The new financing carries a stated coupon of 2.855 percent, equivalent to a rate of 2.947 percent inclusive of hedging costs, and it replaces the previous $1.75 billion construction facility with an outstanding balance at the time of payoff of approximately $1.54 billion. One Vanderbilt is currently 89 percent leased.
“Once again, One Vanderbilt is setting the benchmark as one of the country’s premier office towers,” said Robert Schiffer, managing director at SL Green Realty Corp. “Our vision for One Vanderbilt has been achieved and, in many respects, exceeded. Now, we have completed the largest ever single-building securitization, executed w
