Real estate investment trust SL Green Realty has formed form a joint venture partnership with National Pension Service of Korea (NPS) and Hines Interest for the $2.3bn redevelopment of One Madison Avenue in Manhattan, New York City in the US.

The project, which will be redeveloped into a 1.4 million ft2 Class-A office tower, is situated next to Madison Square Park in New York City.

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SL Green has divested a 49.5% interest in One Madison Avenue to NPS and Hines. As part of the transaction, NPS and Hines will jointly invest at least $492.2m of equity into the redevelopment project.

SL Green chairman and CEO Marc Holliday said: “We are extremely pleased to bring this world-class team and partnership together again to deliver One Madison Avenue, Midtown South’s most ambitious adaptive-reuse project.”

Kohn Pedersen Fox Associates (KPF) will lead the design of the office tower project, which involves demolishing the existing ninth floor to create 17 new glass and steel column-free floors above.

At the existing podium, interior and exterior work will be carried out which include revitalising the lobby, upgrading core elements and activating retail space, a multi-purpose auditorium, and below-grade space.

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The podium will feature 90,000ft2 floorplates, which will be paired with the virtually column-free 36,000ft2 floorplates in the newly constructed tower above.

Upon completion, the tower will comprise 32-35,000 rentable-ft2 floorplates with 60ft column-free clear spans while the 10th and 11th floors offer views of Madison Square Park at panoramic terraces and speciality office floors.

National Pension Service of Korea real estate investment division head Scott Kim said: “One Madison Avenue will be a market-leading building at the doorstep of Madison Square Park, and the National Pension Service of Korea is excited to join SL Green in another marquee project that will strengthen our already proven partnership.”

Hines president and CEO Jeffrey Hines said: “Hines and SL Green have worked together for over a decade, and developing One Madison Avenue will be another milestone in our collaborative partnership. Building upon the success of One Vanderbilt, we are excited to move forward with an exemplary tower that will reimagine the Madison Square Park subdistrict.”

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Illustration of the One Madison Avenue redevelopment project. (Credit: Hines)