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One Vanderbilt Has A New, Korean Minority Owner

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.