SL Green sells stake in One Vanderbilt to Korean
pension fund, Hines $475B National Pension Service fund will take 27.6% stake, Hines picks up 1.4% interest in 1.7m sf under-construction tower

Marc Holliday and rendering of One Vanderbilt

SL Green Realty sold a stake in its massive One Vanderbilt development to the National Pension Service of Korea, the real estate 爱上海同城

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investment trust said Thursday.

The Korean pension fund, whi上海夜网

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ch has about $475 billion in assets under management, is taking a 27.6 percent-stake in the building. Hines, which is a co-developer of the tower but previously had no ownership, is taking a 1.4 percent interest.

The deal will pump $525 million in equity into the 1.7 million-square-foot, 1,401-foot-high office-tower project near Grand Central Station, which is projected to cost more than $3.1 billion.

SL Green CEO Marc Holliday said the investment from t爱上海

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he Korean fund will help realize our shared vision for developing the tower. Hines has been with us at One Vanderbilt from the beginning and will be a terrific add爱上海同城对对碰

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ition to the joint venture, he said.

The REIT had been shopping for JV partners for the building since mid-2015.

Construction is expected to be complete in 2020. SL Green closed a construction loan totaling $1.5 billion from a syndicate led by Wells Fargo that included Bank of New York Mellon, JP Morgan Chase, TD Bank and Bank of China.

TD Bank will be the building s anchor tenant, slated to occupy 200,000 square feet.

NPS, along with partners Monday Properties and Invesco, previously owned the Helmsley Building at 230 Park Avenue, which they sold for $1.2 billion to Scott Rechler s RXR Realty in 20上海同城对对碰交友社区

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15. E.B. Solomont

Tags: One Vanderbilt, sl green
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