SL Green Realty Corp, New York City’s largest office landlord, sold a 27.6 percent interest in its One Vanderbilt Avenue development to the National Pension Service of Korea (“NPS”), and a 1.4 percent interest to Hines Interest LP (“Hines”). NPS and Hines have together put in $525 million towards the $3 billion project. 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.”
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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.
In other SL Green news, the firm its participating in New York City Mayor’s Carbon Challenge for Commercial Owners and Tenants across 7 million square feet of the Company’s portfolio.
Mayor de Blasio has established the goal of reducing citywide greenhouse gas emissions 80 percent by 2050 (80 x 50). The Carbon Challenge is a voluntary pilot program that encourages landlords and tenants to support the City’s emission reduction goals through collaborative energy efficiency initiatives.
“It is a company-wide priority that our buildings operate at the highest efficiency standards,” said Marc Holliday, Chief Executive Officer of SL Green. “We employ best practices and lead by example, while aligning our sustainability program with the goals enumerated by the City and other international urban business districts.”
SL Green and its participating tenants have committed to reducing greenhouse gas emissions from their buildings by 30 percent or more in 10 years.
According to the Mayor’s Office of Sustainability, the Challenge is projected to reduce citywide greenhouse gas emissions by an additional 60,000 metric tons of carbon dioxide equivalent (tCO2e)—the equivalent of taking almost 13,000 cars off the roads—and result in an estimated $50 million in energy cost savings.
In one other bit of SL Green news, The Real Deal has reported that the company has gotten a $235 million loan to refinance 724 Fifth Avenue, a 12-story building in the heart of the Plaza District that is home to Prada’s flagship in New York. Jeff Sutton’s Wharton Properties is a partner in the building.
Aareal Capital Corporation provided new capital.
724 Fifth Ave is located between 56th and 57th streets and encompasses 65,000 square feet. SL Green paid $200 million for the building in 2012.
