SL Green Completes Loan Modification at One Madison Avenue
December 03 2024 - 6:30AM
SL Green Realty Corp. (NYSE: SLG), Manhattan's largest office
landlord, along with its joint venture partners, today announced
that it closed on a modification and extension of the $1.25 billion
mortgage facility on One Madison Avenue. The modification extended
the final maturity date through November 2027 and maintained the
interest rate at 3.10% over Term SOFR, with a further reduction in
spread when specific leasing thresholds are exceeded. The facility,
which consists of 14 global banks, was led by Wells Fargo Bank,
N.A.
"One Madison Avenue has set a new standard for the modern work
experience, attracting top-tier companies with an unparalleled
amenity program featuring La Tete d’Or, Le Jardin sur Madison and
Chelsea Piers,” said Robert Schiffer, Executive Vice
President of Development of SL Green. "The loan
modification provides mechanisms to facilitate stabilization of the
property and furthers our goal of extending our near-term
maturities while keeping rates unchanged."
“Wells Fargo is excited to be a part of this transformative
project, which provides unparalleled office space adjacent to
Madison Square Park along with retail amenities for the
neighborhood,” said Kara McShane, executive vice president
and head of Commercial Real Estate at Wells Fargo. “SL
Green continues to be an important relationship for Wells Fargo and
we look forward to many future projects together.”
Designed by renowned architects Kohn Pedersen Fox, One Madison
Avenue is the most ambitious adaptive reuse project in New York
City, ideally located overlooking Madison Square Park. Market
demand for One Madison Avenue’s unparalleled office experience has
been consistently high, with its tower floors and retail spaces
both 100% leased and the property more than 65% leased overall.
Industry-leading tenants include Franklin Templeton, Coinbase, Palo
Alto Networks and IBM, which moved into its new corporate
headquarters in September. Additional tenants will be moving in
throughout 2025.
One Madison Avenue offers industry-leading amenities and a
wellness-focused environment, designed to enhance productivity and
well-being. Its innovative features include a state-of-the-art HVAC
system that circulates 100% fresh air, expansive floor-to-ceiling
windows offering abundant natural light and virtually column-free
spaces that maximize workspace efficiency. Amenities Le Jardin Sur
Madison, a one-of-a-kind event space and rooftop garden.
Additionally, now officially open to the public, La Tête d’Or by
Daniel is Chef Daniel Boulud’s latest culinary offering and first
steakhouse within his extensive portfolio, located on the ground
floor of One Madison Avenue.
About SL Green Realty Corp.SL Green Realty
Corp., Manhattan'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 September 30, 2024, SL Green held interests in 55
buildings totaling 31.8 million square feet. This included
ownership interests in 28.1 million square feet of Manhattan
buildings and 2.8 million square feet securing debt and preferred
equity investments.
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