US-based real estate investment trust SL Green Realty along with its joint venture partners has secured a $1.25bn construction loan for the redevelopment of One Madison Avenue in New York, US.
The financial closure will allow the construction to begin on the project, which will anchor the Midtown South office market as its premier tower.
In May this year, SL Green Realty formed a joint venture partnership with National Pension Service of Korea (NPS) and Hines Interest for One Madison Avenue redevelopment.
Wells Fargo, TD Bank, Goldman Sachs, Bank of America, Deutsche Bank and Axos Bank are among the lenders of the construction loan.
Located next to Madison Square Park between Park and Madison Avenues and East 23rd and East 24th Streets, One Madison Avenue will be redeveloped into a 1.4 million ft2 project.
The project includes the construction of a new 530,000ft2 tower with column-free floors above an existing and redeveloped nine-floor podium.
The purpose-built tower will comprise office space across 32-35,000ft2 floorplates and the 10th and 11th floors will feature 22’ slab heights with outdoor roof decks.
The 27-storey office tower will also have several outdoor roof terraces that will have skyline views of the city as well as the neighbouring park.
The amenities of the building will include new dynamic retail space, an 800-person, multi-purpose event space, 15,000ft2 artisanal food market, 9,000ft2 club-style tenant lounge and full-service fitness centre.
Furthermore, the project is anticipated to secure both WELL and LEED-Gold certification.
SL Green chairman and CEO Marc Holliday said: “Our 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.”
Rendering of the One Madison Avenue redevelopment in US. (Credit: Motiv/KOHN PEDERSEN FOX ASSOCIATES PC.)