SL Green closes record $ 3 billion refi for one Vanderbilt



SL Green Realty Corp, the largest landlord of offices in Manhattan, has closed 10-year fixed-rate funding for One Vanderbilt Avenue in the amount of $ 3 billion.

Snew Tower in downtown East Midtown is owned by a joint venture between SL Green, the National Pension Service of Korea and Hines Interests, LP.

The loan was securitized under the CMBS One Asset One Borrower (SASB) deal. The agents were a consortium of world-class financial institutions led by Wells Fargo Bank, NA and Goldman Sachs Bank USA, which also included Bank of America NA, Bank of China, Bank of Montreal, Deutsche Bank, JP Morgan Chase Bank, NA, Barclays Capital Real Estate Inc. and Citi.

The new funding has a pledged coupon of 2.855 percent, which is equivalent to a 2.947 percent rate including hedging costs, and replaces the previous $ 1.75 billion under construction with an outstanding balance at payout of approximately $ 1.54 billion. One Vanderbilt is currently 89 percent leased.


“Once again, One Vanderbilt is setting the benchmark as one of the top office towers in the country,” said Robert Schiffer, managing director of SL Green Realty Corp. “Our vision for One Vanderbilt has been achieved and exceeded in many ways. We have now completed the largest single building securitization in history using a high quality and extensive bond order book, resulting in incredibly efficient pricing and highlighting the appeal of this landmark project. We are grateful to all our partners for their commitment to us and One Vanderbilt. “

“Wells Fargo is very pleased that SL Green has entrusted our institution to act as the lead lender to finance the construction of this important property and to continue to act as the lead lender for the largest single asset CMBS fixed rate financing in history,” said Robert Rosenberg. , Managing Director of Wells Fargo. “One Vanderbilt is truly a trophy office and it’s no surprise that CMBS funding has been significantly exceeded.”

One Vanderbilt is 1,401 feet high and is the new headquarters for many of the world’s leading finance, technology, law and real estate firms. The 1.7 million square foot skyscraper offers an unparalleled combination of amenities, innovative office design, state-of-the-art technology, the highest levels of sustainability and a healthy work environment, and direct connections to Grand Central Station.

Building tenants include TD Securities, a leading banking and investment firm providing a wide range of capital markets products and services, and TD Bank, America’s Most Convenient Bank, and one of the top 10 US banks; private equity firms The Carlyle Group, KPS Capital Partners, Oak Hill Advisors, InTandem Capital, SageWind Capital and Sentinel Capital Partners; prestigious law firms Greenberg Traurig and McDermott Will & Emery; the global German financial company DZ Bank; financial consulting company Accordion Partners; public investment fund of real estate MFA Financial Inc .; Hodges Ward Elliott, boutique real estate capital markets consultant; Walker & Dunlop, LLC, a leading commercial real estate finance company; MSD Partners, Lead Investment Advisor; LLC Mamura Holdings; Nearwater Management LLC, a specialized finance company specializing in the provision of asset-based finance solutions; Kyndryl, an independent company to be created following the divestiture of the IBM Managed Infrastructure Services business; Heidrick & Struggles, International, Inc. and SL Green Realty Corp.

Chatham Financial advised SL Green on the deal.

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