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SL Green Proposes One Vanderbilt Building Swap With JPMorgan Chase

A rendering of SL Green's One Vanderbilt project, with planned outdoor terraces

SL Green Realty has made some impressive deals this year—its $2B sale of 388-390 Greenwich St to Citigroup among them—but its latest, if pulled off, could be its most complicated and impressive.

NYC’s biggest landlord has proposed a deal to JPMorgan Chase, wherein SL Green would trade its 1.75M SF supertall, One Vanderbilt, for JPMorgan’s two HQs, 383 Madison Ave and 270 Park Ave, the Wall Street Journal reports.

Negotiations haven’t started, but the WSJ says JPMorgan is considering the plan and has been open to “the right deal” for two years, after negotiations with the city to move to Related Cos and Oxford Property Group’s Hudson Yards for tax incentives fell through. 

SL Green CEO Marc Holliday said the firm’s negotiating the sale of a 28% stake in One Vanderbilt, so a third party (most likely a foreign investor) may be part of future negotiations. [WSJ]