SL Green Completes Loan Modification at One Madison Avenue
NEW YORK, Dec. 03, 2024 (GLOBE NEWSWIRE) -- 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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