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

investment trust said Thursday.

The Korean pension fund, whi上海夜网

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

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

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

15. E.B. Solomont

Tags: One Vanderbilt, sl green
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