SL Green Sells 29% Stake In One Vanderbilt To Hines, Korean Pension Fund

Courtesy of Kohn Pedersen Fox
Rendering Of The One Vanderbilt Skyscraper In Midtown Manhattan.

The Midtown megaproject One Vanderbilt just got new ownership.

SL Green has sold 29% of its ownership stake in the 58-story One Vanderbilt, the supertall office tower the developer is building adjacent to Grand Central Terminal, it announced this morning.

The National Pension Service of Korea will take a 27.6% interest in the building, and Hines will have 1.4% equity. SL Green will remain the majority owner in the development.

Proceeds from the sale of both stakes comes to “no less than” $525M, according to a press release. Hines will co-develop the 1.7M SF skyscraper.

As part of a deal with the city to be allowed to build the tower to 1,401 feet, SL Green agreed to invest $220M in public improvements to the area’s transit and pedestrian infrastructure.

In June, five banks pooled $1.5B for a loan to finish construction on the project. A rezoning for a 78-block area that will include the site of the tower started the city’s uniform land-use review procedure earlier this month. Construction on the tower is set to wrap up by 2020.

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