609-Fifth-Ave 609 Fifth Ave.Photo by SL Green.


NEW YORK—SL Green Realty has announced two deals in the last 24hours. In one, the REIT has entered into a contract to sell itsrecently repositioned 609 Fifth Ave. retail condominium for $168million to an affiliate of the Reuben Brothers. In the second,announced this morning, SL Green reports that it has sold a 49.5%interest in One Madison Ave. to the National Pension Service ofKorea and Hines Interest LP. SL Green and Hines will co-develop a$2.3 billion project at the site, which will span 1.4 millionrentable square feet upon completion.

609 Fifth Ave.

The first transaction is scheduled to close in the secondquarter of 2020.


Starting in 2018, SL Green began repositioning the building,located at the corner of Fifth Avenue and 49th Street in the heartof Manhattan's Gold Coast. It vacated the previous tenants in theoffice condominium portion of the property and relocated the officelobby onto 49th Street, increasing the retail frontage on FifthAvenue. Then two new premier tenants were secured for the retailcondominium: a 15-year, 24,000 square-foot flagship lease withsports apparel brand PUMA, which has a three-level retail spacewith double-height storefronts across 160 feet of wraparoundfrontage, and a 10-year, 5,000 square-foot lease with Vince, aglobal luxury apparel and accessories brand.


CBRE's Darcy Stacom, Doug Middleton and David Fowler representedSL Green in the transaction.

One Madison Ave.

SL Green CEO and Chairman Marc Holliday notes that NPS and Hinespartnered with the REIT at its iconic development at One VanderbiltAve. "We are extremely pleased to bring this world-class team andpartnership together again to deliver One Madison Avenue, MidtownSouth's most ambitious adaptive-reuse project," he said in preparedremarks.


Kohn Pedersen Fox Associates, which is also the lead architectat One Vanderbilt, will lead the redesign of One Madison Avenue.The reimagined building will be built as-of-right, using unuseddevelopment rights. The building will be demolished down to theexisting ninth floor in order to create 17 new glass and steel,highly efficient, column-free floors above. Between the GardenFloors and terraces throughout the building, There will also be 1.3acres of outdoor space.

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