SL Green, Hines Secure $1.7 Billion Refinancing of One Madison Avenue, Generating $308M Dividend

A $1.7 billion refinancing of One Madison Avenue in New York City is set to generate a $308 million dividend for the building's ownership partnership, according to a report from ABS Partners Real Estate citing a Fitch Ratings analysis and coverage by Crain's New York. The commercial real estate financing deal was expected to price on Friday, March 20, 2026.

Ownership Group and Original Investment

The ownership partnership behind the refinancing includes SL Green Realty Corp, Hines, the National Pension Service of Korea, and Korea-based Mastern Investment Management. The four partners collectively invested $2.3 billion in 2020 for the project, which included an 18-story vertical expansion of the approximately 1.4 million-square-foot building located at the corner of East 23rd Street in Manhattan.

The $308 million dividend will be shared among the ownership group as part of the refinancing arrangement. Specific individual allocations among the partners were not disclosed in available source materials.

Property Overview: One Madison Avenue

One Madison Avenue is an office property in Manhattan. The building spans approximately 1.4 million square feet and is located at the corner of East 23rd Street. As of the time of the refinancing announcement, the building is reported to be fully leased.

Refinancing Details

The $1.7 billion refinancing was highlighted in a Fitch Ratings report and subsequently covered by Crain's New York. ABS Partners Real Estate reported on the transaction, noting the deal's pricing was anticipated for March 20, 2026 — shortly after the announcement date of March 19, 2026.

No cap rate, loan term, interest rate, or other specific financing terms were disclosed in available source materials.

Context

The One Madison Avenue refinancing involves a partnership that includes Korean institutional investors — the National Pension Service of Korea and Mastern Investment Management — alongside SL Green Realty and Hines. The $1.7 billion loan follows the partnership's original $2.3 billion investment in 2020, which included an 18-story vertical expansion. The building is currently reported to be fully leased.