SL Green Sells 29% in cutting-edge skyscraper at doorstep of Grand
NEW YORK--(BUSINESS WIRE)--
SL Green Realty Corp. (NYSE:SLG), New York City's largest office
landlord, today announced that it has sold a 27.6% interest in One
Vanderbilt Avenue to the National Pension Service of Korea ("NPS"), and
a 1.4% interest to Hines Interest LP ("Hines"). 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.
About SL Green Realty Corp.
SL Green Realty Corp., an S&P 500 company and New York City's largest
office landlord, is a fully integrated real estate investment trust, or
REIT, that is focused primarily on acquiring, managing and maximizing
value of Manhattan commercial properties. As of December 31, 2016, the
Company held interests in 127 Manhattan buildings totaling 47.8 million
square feet. This included ownership interests in 28.1 million square
feet of commercial buildings and debt and preferred equity investments
secured by 19.7 million square feet of buildings. In addition, the
Company held ownership interests in 30 suburban buildings totaling 4.8
million square feet in Brooklyn, Long Island, Westchester County,
Connecticut and New Jersey.
To be added to the Company's distribution list or to obtain the latest
news releases and other Company information, please visit our website at www.slgreen.com
or contact Investor Relations at (212) 594-2700.
About National Pension Service of Korea
The National Pension Service of Korea (NPS) is one of the largest
pension funds in the world with KRW545.8 trillion (approx. $475 billion)
in assets as of October 31, 2016. NPS manages its funds investing in
financial investment assets both of domestic and global, while
diversifying the investment portfolio into equities and alternative
asset classes such as private equity, real estate, and infrastructure
project. Out of its total assets under management, alternative asset
component comprises about 11%, including real estate investments
Hines is a privately owned global real estate investment firm founded in
1957 with locations in 192 cities in 20 countries. Hines has $93.2
billion of assets under management, including $47.9 billion for which
Hines provides fiduciary investment management services, and $45.3
billion for which Hines provides third-party property-level services.
Hines has 105 developments currently underway around the world, and
historically, has developed, redeveloped or acquired 1,180 properties,
totaling over 379 million square feet. The firm's current property and
asset management portfolio includes 483 properties, representing over
199 million square feet. Hines has extensive experience in investments
across the risk spectrum and all property types, and a pioneering
commitment to sustainability. Visit hines.com for more information.
This press release includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and are intended to be covered
by the safe harbor provisions thereof. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that we expect, believe or
anticipate will or may occur in the future, are forward-looking
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Source: SL Green Realty Corp.
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