SL Green completes $ 3 billion refinancing of One Vanderbilt Avenue



Largest single-borrower non-portfolio CMBS securitization in history

NEW YORK, June 28, 2021 (GLOBE NEWSWIRE) – SL Green Realty Corp (NYSE: SLG), Manhattan’s largest office owner, today announced that it has closed a $ 3.0 billion fixed-rate financing on 10 years of One Vanderbilt Avenue, the skyline-defining ride in the heart of East Midtown, which is owned by a joint venture between SL Green, National Pension Service of Korea and Hines Interests, LP. The loan was securitized as part of a single asset, single borrower CMBS (SASB) transaction. 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 financing carries a declared coupon of 2.855%, equivalent to a rate of 2.947% including hedging costs, and replaces the old $ 1.75 billion construction facility with an outstanding balance upon repayment of approximately $ 1.54 billion. A Vanderbilt is currently 89 percent leased.

“Once again, One Vanderbilt sets the benchmark as one of the country’s premier office towers,” said Robert Schiffer, Managing Director of SL Green Realty Corp. “Our vision for One Vanderbilt has been realized and in many ways surpassed. Today we completed the largest real estate securitization ever, executed with a high quality and comprehensive bond order book, resulting in incredibly efficient pricing and underlining the attractiveness of this emblematic development. We are grateful to all of our partners for their commitment to us and One Vanderbilt. “

“Wells Fargo is delighted that SL Green has appointed our institution as the lead lender for the financing of the construction of this important property, and to continue as the lead lender for the largest fixed rate CMBS financing ever secured by a only active ”, declared Robert Rosenberg, Managing Director of Wells Fargo. “One Vanderbilt is truly a trophy office building, and it’s no surprise that CMBS funding has been grossly oversubscribed.”

Standing 1,401 feet tall, One Vanderbilt is the new home for many of the world’s leading financial, technology, legal and real estate firms. The 1.7 million square foot skyscraper offers an unrivaled combination of amenities, innovative office design, advanced technology, the highest level of sustainability and a healthy working environment as well as a direct connection to Grand Central Terminal.

Tenants in the building include TD Securities, a leading banking and investment firm that offers a wide range of products and services in the capital markets, and TD Bank, America’s Most Convenient Bank, one of the ten largest 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; German global finance company DZ Bank; Accordion Partners financial consultancy; MFA Financial Inc .; publicly traded real estate investment trust; Hodges Ward Elliott, Real Estate Capital Markets Advisor; Walker & Dunlop, LLC, a leading commercial real estate finance company; MSD Partners, a leading investment advisor; Mamoura Holdings LLC; Nearwater Management LLC, a specialty finance company focused on providing asset-based finance solutions; Kyndryl, the independent company that will be created following the separation of the Managed Infrastructure Services business from IBM; Heidrick & Struggles, International, Inc. and SL Green Realty Corp.

Chatham Financial acted as advisor to SL Green in connection with the transaction.

About SL Green Realty Corp.

SL Green Realty Corp., Manhattan’s largest office owner, is a fully integrated real estate investment trust, or REIT, that focuses primarily on acquiring, managing and maximizing the value of commercial properties in Manhattan. As of March 31, 2021, SL Green held interests in 84 properties totaling 37.8 million square feet. This included interests in 28.3 million square feet of Manhattan buildings and 8.7 million square feet of debt collateral and preferred stock investments.

Forward-looking statement

This press release includes certain statements which may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical fact, included in this press release that deal with activities, events or developments that we anticipate, believe or anticipate will occur or may occur in the future, are statements prospective. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words “may”, “will”, “should”, “expect”, “anticipate”, “estimate”, “believe”, “intend”. , “To project”, “” to continue “, or the negative of these words, or other words or similar terms.

The forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, which may cause our actual results, performance or achievements to differ materially from the results, performances or achievements. or future achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in forward-looking statements include risks and uncertainties relating to the ongoing COVID-19 pandemic as well as the duration and timing. impact it will have on our business and the industry. as a whole and the other risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we assume no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.


Matt DiLiberto
Financial director

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