SL Green Completes Loan Modification at One Madison Avenue
SL Green Realty Corp and partners have secured a modification of the $1.25 billion mortgage facility for One Madison Avenue, extending maturity to November 2027 while maintaining the 3.10% interest rate over Term SOFR. The facility, led by Wells Fargo Bank with 14 global banks, includes potential rate reduction upon meeting leasing thresholds.
The property is currently more than 65% leased overall, with tower floors and retail spaces 100% leased. Major tenants include Franklin Templeton, Coinbase, Palo Alto Networks, and IBM, which established its headquarters there in September. The building features state-of-the-art amenities, including La Tête d'Or restaurant and Le Jardin Sur Madison rooftop garden.
SL Green Realty Corp e i suoi partner hanno ottenuto una modifica della struttura di mutuo da 1,25 miliardi di dollari per One Madison Avenue, estendendo la scadenza a novembre 2027 mantenendo il tasso d'interesse del 3,10% su Term SOFR. La struttura, guidata da Wells Fargo Bank con 14 banche globali, include una potenziale riduzione del tasso al raggiungimento di specifici obiettivi di locazione.
Attualmente, la proprietà è affittata per oltre il 65%, con i piani della torre e gli spazi commerciali completamente affittati. I principali inquilini includono Franklin Templeton, Coinbase, Palo Alto Networks e IBM, che ha stabilito la sua sede lì a settembre. L'edificio presenta servizi all'avanguardia, tra cui il ristorante La Tête d'Or e il giardino sul tetto Le Jardin Sur Madison.
SL Green Realty Corp y sus socios han asegurado una modificación de las facilidades hipotecarias de 1.250 millones de dólares para One Madison Avenue, extendiendo el vencimiento hasta noviembre de 2027 mientras mantienen la tasa de interés del 3,10% sobre el Term SOFR. La facilidad, liderada por Wells Fargo Bank con 14 bancos globales, incluye una posible reducción de tasas al cumplir con los umbrales de arrendamiento.
Actualmente, la propiedad está arrendada en más del 65%, con los pisos de la torre y los espacios comerciales completamente arrendados. Los principales inquilinos incluyen a Franklin Templeton, Coinbase, Palo Alto Networks e IBM, que estableció su sede allí en septiembre. El edificio cuenta con comodidades de última generación, incluyendo el restaurante La Tête d'Or y el jardín en la azotea Le Jardin Sur Madison.
SL Green Realty Corp와 파트너들은 One Madison Avenue에 대한 12억 5천만 달러의 모기지 시설 수정을 확보하여 만기를 2027년 11월로 연장하고 Term SOFR에 따라 3.10%의 이자율을 유지하고 있습니다. 이 시설은 Wells Fargo Bank가 14개의 글로벌 은행과 함께 주도하며, 임대 기준 충족 시 금리 인하 가능성도 포함되어 있습니다.
현재 이 부동산은 전체적으로 65% 이상 임대되었습니다, 타워 층과 소매 공간은 100% 임대되었습니다. 주요 세입자에는 Franklin Templeton, Coinbase, Palo Alto Networks, 그리고 9월에 본사를 이곳에 설립한 IBM이 포함됩니다. 이 건물은 La Tête d'Or 레스토랑과 Le Jardin Sur Madison 루프탑 정원을 포함한 최첨단 편의시설을 갖추고 있습니다.
SL Green Realty Corp et ses partenaires ont obtenu une modification du prêt hypothécaire de 1,25 milliard de dollars pour One Madison Avenue, prolongeant l'échéance jusqu'en novembre 2027 tout en maintenant un taux d'intérêt de 3,10 % par rapport au Term SOFR. L'établissement, dirigé par Wells Fargo Bank avec 14 banques mondiales, inclut une éventuelle réduction de taux lors de l'atteinte des seuils de location.
La propriété est actuellement plus de 65 % louée, avec les étages de la tour et les espaces commerciaux totalement loués. Les principaux locataires incluent Franklin Templeton, Coinbase, Palo Alto Networks et IBM, qui y a établi son siège en septembre. Le bâtiment dispose d'équipements à la pointe de la technologie, notamment le restaurant La Tête d'Or et le jardin sur le toit Le Jardin Sur Madison.
SL Green Realty Corp und Partner haben eine Änderung der Hypothekeneinrichtung über 1,25 Milliarden Dollar für One Madison Avenue gesichert, die die Fälligkeit bis November 2027 verlängert und den Zinssatz von 3,10% über Term SOFR beibehält. Die Einrichtung, die von Wells Fargo Bank mit 14 globalen Banken geleitet wird, beinhaltet eine mögliche Zinssenkung bei Erfüllung von Miet-Zielen.
Das Gebäude ist derzeit über 65% vermietet, wobei die Turmetagen und Einzelhandelsflächen zu 100% vermietet sind. Zu den Hauptmietern gehören Franklin Templeton, Coinbase, Palo Alto Networks und IBM, das dort im September sein Hauptquartier eingerichtet hat. Das Gebäude bietet erstklassige Annehmlichkeiten, darunter das Restaurant La Tête d'Or und den Dachgarten Le Jardin Sur Madison.
- Secured $1.25B loan modification with unchanged interest rate
- Property's tower floors and retail spaces are 100% leased
- Overall building occupancy exceeds 65%
- Attracted major corporate tenants including IBM headquarters
- Potential interest rate reduction tied to leasing performance
- 34.9% of the building remains unleased
- Significant debt load of $1.25B requiring refinancing by 2027
Insights
The
The presence of blue-chip tenants like IBM, Franklin Templeton and Coinbase adds stability to the asset's income stream. The potential for spread reduction upon meeting leasing thresholds creates an attractive incentive structure that could enhance returns. Wells Fargo's continued backing, along with 13 other global banks, signals strong institutional confidence in both the property and SL Green's management.
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
"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
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
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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