SL Green, National Pension Service of Korea and Hines Form Joint Venture for Ownership of One Vanderbilt

SL Green Sells 29% in cutting-edge skyscraper at doorstep of Grand

Central Terminal


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

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


About Hines

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 for more information.

Forward-Looking Statements

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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to be materially different from future results, performance or

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undertake no obligation to publicly update or revise any forward-looking

statements, whether as a result of future events, new information or



Andrew Mathias

Source: SL Green Realty Corp.

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