SL Green Closes $1.25 Billion Construction Loan for One Madison Avenue
Construction commences on the premier 1.4 million-square-foot office tower that will anchor Midtown South
SL Green donates
Leveraging its vast experience and relationships with global lending partners, SL Green negotiated New York City’s largest office construction facility in 2020, which will advance the city’s largest commercial development to begin construction since March. The facility has a term of up to six years and bears interest at a floating interest rate of 3.35% over LIBOR, with the ability to reduce the spread to as low as 2.50% upon achieving certain leasing and completion milestones.
Today, SL Green and its partners will celebrate the commencement of construction of the 1.4 million-square-foot development that will transform the existing full-block structure into a 27-floor, state-of-the-art office tower by hosting government officials, neighborhood businesses, and the development project team at an outdoor ceremony in
“Our commitment and belief in
Further deepening its investment in the neighborhood, SL Green has also announced a
“Madison Square Park has become a hub of the community through the support and involvement of our park side residents and businesses. We have been working hard for four years on plans to rebuild the dog run, and SL Green has stepped up with a gift that makes it possible to actually get this world-class dog run completed! We are excited to see continued vibrancy in the Park, and congratulate SL Green on their elegant new building design,” said
“SL Green’s investment in the Madison Square Park neighborhood is the perfect example of a company leading by example and demonstrating a long-term faith in
“The groundbreaking of
"As we are witnessing the success of East Midtown's development, it is fitting that we also applaud development in Midtown South with
“KPF has enjoyed working with SL Green over the years, recently on
“With the commencement of construction on
“We applaud SL Green and Hines for their continued forward looking commitment to transforming Midtown – first with the recent completion of One Vanderbilt and now starting construction on this great project at One Madison. We’re happy to be a part of it,” said
SL Green is redeveloping the building as-of-right, using 218,000 square feet of available development rights, which will increase the total rentable square footage of the building to approximately 1.4 million square feet. The development plan includes construction of a new 530,000 square feet tower with column-free floors above an existing and redeveloped nine-floor podium.
The newly-constructed tower will feature 32-35,000-square-foot floorplates. The 10th and 11th floors are specialty spaces featuring 22’ slab heights with tremendous outdoor roof decks. In addition, there are numerous outdoor roof terraces which enjoy skyline views of the city and neighboring park.
Attractively-designed building amenities will include new dynamic retail space, an 800-person, multi-purpose event space, 15,000-square-foot artisanal food market, 9,000-square-foot club-style tenant lounge and full-service fitness center. One Madison will provide tenants with Manhattan’s healthiest work environment with state-of-the-art infrastructure including the first-time use in a multi-tenant office building of DOAS HVAC which employs circulation of 100% outdoor, fresh-air thereby reducing employee sick days and increasing productivity. In addition, the building is expected to achieve both WELL and LEED-Gold certification.
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