SL Green Sells Minority Interest in One Vanderbilt

Come 2020, when it opens, Midtown East’s One Vanderbilt will offer 1.7 million square feet of Class-A office space.

NEW YORK CITY—SL Green Realty Corp. has sold a 27.6% interest in One Vanderbilt Ave. to the National Pension Service of Korea and a 1.4% interest to Hines Interest. NPS and Hines have committed aggregate equity to the project totaling no less than $525 million. SL Green Realty Corp. and Hines will co-develop the building.

“The National Pension Service of Korea is an extraordinary partner for us at One Vanderbilt and will help realize our shared vision for developing the best building in New York City,” says SL Green’s CEO, Marc Holliday. “Hines has been with us at One Vanderbilt from the beginning and will be a terrific addition to the joint venture.”