Japanese developer Mori Building Co. has bought an 11% interest in One Vanderbilt, valuing the Midtown Manhattan supertall at $4.7B.

SL Green Realty maintains a 60% stake in the office tower, according to an announcement by the company Thursday.

The 1,401-foot-tall, 1.7M SF skyscraper opened in September 2020, when many other office towers were losing tenants to the work-from-home revolution. Exactly four years later, One Vanderbilt signed a tenant that made it 100% occupied.

“One Vanderbilt is a globally-renowned and architecturally celebrated modern development, which has continued to demonstrate that well-located, highly amenitized and sustainable buildings will attract premier tenants and prestigious investors,” SL Green Chairman and CEO Marc Holliday said in a statement. “We are honored to welcome Mori Building Co., Ltd. into the ownership venture of One Vanderbilt Avenue.”

National Pension Service of Korea owns 27.6% of the tower, and Hines owns the remaining 1.4%. The trio refinanced the building for $3B in 2021, when it was appraised at a $4.1B valuation, according to the Morningstar Credit database.

The company also announced Thursday afternoon that it is issuing $400M in new stock, and its underwriters have the option to purchase up to an additional $60M of shares. Proceeds will be used for general operations, including repayment of debt.

SL Green is the largest owner of New York City office space, and its portfolio has been used as a bellwether of demand for the city's workplaces. Its stock is up 72.4% year to date, as the return to office has perked up.

Last year, SL Green sold a 49.9% equity stake in its 1.8M SF tower at 245 Park Ave., then valued at $2B, to Mori Trust Co. Mori Trust and Mori Building are separate companies, each led by a brother from a prominent real estate development family in Japan, according to a 2004 Time profile.

Two years ago, Brookfield sold a 49% stake in One Manhattan West, another recently built trophy tower, that valued the 2.1M SF building at nearly $2.9B.