SL Green Realty Corp. And its partners in the joint venture closed down on one dollar. $ 3 billion construction loan for the One Madison Avenue redevelopment project. The loan is the largest office building facility in New York City so far in 2020, according to SL Green, which is working with the National Pension Service of Korea and Hines to build the office tower..
The loan was provided by Wells Fargo, TD Bank, Goldman Sachs, Bank of America, Deutsche Bank, and Axos Bank. The term of the facility is up to six years, at a floating interest rate of 3. 35% above LIBOR, and the ability to reduce the difference to 2. 5% upon fulfillment of some of the leasing and completion stages.
With the funding in place, the joint venture began construction on the redevelopment project, which was completed in 2023. The National Pension Service of Korea and the Hines joined the project in May, when the two scored 49. 5 percent stake in One Madison Avenue of SL Green. The joint venture also hired Kohn Pedersen Fox and AECOM Tishman to design and build One Madison Avenue, with the project team previously working on One Vanderbilt Avenue..
For One Madison Avenue, the project would proceed properly with 218,000 square feet of available development rights. $ 2. 3 billion redevelopment calls for the construction of a 530,000-square-foot tower with column-free floors above a nine-story podium. The redevelopment will increase the size of the building to 1. 4 million square feet and 27 floors, and will provide floor slabs from 32,000 to 35,000 square feet.
The tenth and eleventh floors of the office tower will have rooftop rooftops, while the rest of the building amenities will include a multi-purpose event space for 800 people, a 15,000 square feet food market, a tenant lounge of 9,000 square feet, and a fitness center.. One Madison Avenue is also expected to earn WELL and LEED Gold certifications.
Mark Holliday, & President and CEO of SL Green, said in prepared notes that One Madison Avenue would be a significant new office development in Midtown South that would attract the best companies and talent. Holiday also said in his prepared statement that despite headwinds caused by current and temporary challenges, SL Green is focused on boosting New York City’s economy..
As a redevelopment project, the story of One Madison Avenue dates back to when it was first built in 1893. The building was known to be one of the largest office buildings in the city at the time and has continued to grow by undergoing several major redesigns.. With the recent redevelopment, Kohn Pedersen Fox wanted to make a dramatic and positive impact on the city.
Doug Hawking, design director at Kohn Pedersen Fox, said in pre-prepared notes that the project team was looking to preserve the character of the original building, while also opening it to Madison Square Park next door.
© 2020 – Commercial Real Estate Executive
SL Green Realty, Madison Avenue, New York, Finance, One Madison, Real Estate, Marc Holliday, Construction
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