SL Green Realty Corp., New York City's largest office landlord, has sold a 27.6% interest in One Vanderbilt Avenue to the National Pension Service of Korea, and a 1.4% interest to Hines Interest LP.
NPS and Hines have committed aggregate equity to the project totaling no less than $525 million. SL Green Realty Corp. and Hines will co-develop the building.
SL Green's CEO, Marc Holliday, commented, "The National Pension Service of Korea is an extraordinary partner for us at One Vanderbilt and will help realize our shared vision for developing the best building in New York City. Hines has been with us at One Vanderbilt from the beginning and will be a terrific addition to the joint venture."
"One Vanderbilt Avenue will transform New York's skyline and set a new standard for world-class office space, and the National Pension Service of Korea is thrilled to join SL Green and add this new icon to our portfolio," said Scott Kim, Head of Global Real Estate, National Pension Service of Korea.
"It is a privilege for Hines, after seven years of working together on this iconic project, to join SL Green as well as NPS, a significant global investment partner of our firm, in the singular project that is One Vanderbilt", said Gerald Hines, Founder and Chairman.
Designed by Kohn Pedersen Fox (KPF) Associates, One Vanderbilt will encompass an entire city block, bounded by Madison and Vanderbilt Avenues to the west and east, and East 43rd and East 42nd Streets to the north and south.
Standing 1,401 feet tall and expected to achieve LEED Gold under V4.0, the trophy tower will offer 1.7 million square feet of Class-A office space across 58 floors, featuring column-free floors and stunning views through floor-to-ceiling windows.
One Vanderbilt will also offer tenants floor to ceiling slab heights ranging from 14'6" to 20', a 30,000-square-foot tenant-only amenity floor and world-class dining. Construction is expected to be complete in 2020