SL Green’s One Madison Avenue Project Attracts Equity Stake Investor
The $2.3 billion redevelopment and vertical expansion of One Madison Avenue is about to get an injection of new equity. The project being co-developed by SL Green Realty and Hines has sold a 25% interest to an undisclosed investor that has “committed aggregate equity to the project totaling no less than $259.3 million.” As a result of the deal, the REIT will retain a 25.5% stake, and joint venture partners the National Pension Service of Korea and Hines are retaining their 49.5% interest. News of the transaction comes less than two months after the announcement of the 55,780-square-foot signing by Chelsea Piers Fitness to serve as the building’s flagship retail tenant.