SL Green, South Korea’s NPS and Hines form JV partnership
SL Green Realty Corp. has sold a 49.5 percent interest in One Madison Ave. to the National Pension Service of Korea (NPS) and Hines Interest for $492.2 million. SL Green and Hines will co-develop the $2.3 billion project, which will span 1.4 million rentable square feet upon completion.
“NPS and Hines have been tremendous partners at our iconic development at One Vanderbilt Ave. We are extremely pleased to bring this world-class team and partnership together again to deliver One Madison Ave., Midtown South’s most ambitious adaptive-reuse project,” said Marc Holliday, chairman and CEO of SL Green. “This joint venture partnership serves as an affirmation of New York City’s market resiliency and SL Green’s ability to execute its business goals in a demanding climate.”
The building will be demolished down to the existing ninth floor in order to create 17 new glass and steel, highly efficient, column-free floors above. The unparalleled podium, which features 9