SL Green Realty Corp. and its joint venture partners, the National Pension Service of Korea and Hines, have closed on a US $1.25bn construction loan for One Madison Avenue in New York, US. The facility was led by Wells Fargo, TD Bank, Goldman Sachs, Bank of America, Deutsche Bank and Axos Bank. Located adjacent to Madison Square Park between Park and Madison Avenues and East 23rd and East 24th Streets, One Madison Avenue will anchor the Midtown South office market as its premier tower.

SL Green and its partners will celebrate the commencement of construction of the 1.4 million-square-foot development that will transform the existing full-block structure into a 27-floor, state-of-the-art office tower by hosting government officials, neighborhood businesses, and the development project team at an outdoor ceremony in Madison Square Park.

One Madison Avenue

To envision, design and develop the purpose-built tower, with cutting-edge infrastructure, best-in-class healthy work environment and a forward-thinking amenity program, the design and development team that recently delivered the skyline-defining One Vanderbilt Avenue – Hines, Kohn Pedersen Fox, AECOM Tishman and National Pension Service of Korea – has been re-assembled. Importantly, the project will produce more than 3,000 new construction jobs over the next four years, the vast majority of which will be union labor participation.

According to SL Green Chairman and Chief Executive Officer Marc Holliday, the company’s commitment and belief in New York City is unwavering. “We are proud to be bringing an important new office development to Midtown South that we are confident will attract the top companies and talent. Despite the headwinds presented by current and temporary challenges, we remain focused on boosting the New York City economy by creating thousands of construction jobs and bringing a new, best-in-class office tower to the highly sought-after Flatiron/Midtown South submarket for the first time in a decade,” he said.