SLG, Hines, Korean pension sign $1.65B refi for office in Flatiron District

SL Green Realty, Hines and the National Pension Service of Korea through the entity 1 Madison Office Fee LLC as borrowers, signed a refi loan with lenders Wells Fargo, JPMorgan Chase, Bank of America, Goldman Sachs, and Deutsche Bank valued at $1.65 billion for the office building (O4) at 1 Madison Avenue in the Flatiron District, Manhattan.
The deal closed on March 26, 2026 and was recorded on April 10, 2026. The prior lenders were Wells Fargo, TD Bank, Goldman Sachs, Bank of America, Deutsche Bank, Axos Bank which held debt that had an original loan amount of $1.7 billion.The property has 1,233,394 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,337 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for SL Green Realty , Hines , and National Pension Service of Korea was Andrew S. Levine . The signatories for Wells Fargo , JPMorgan Chase , Bank of America , Goldman Sachs , and Deutsche Bank were Jeffrey L. Cirillo , Robert Kivell , Jessica Wong , Jessica Fritts , Matt Smith , and Brandon Atkins .

Prior sales, articles and revenue

Crain’s New York Business reported on March 19, 2026 that SL Green Realty, Hines, National Pension Service of Korea, and Mastern Investment Management borrowed $1.7 billion for 1 Madison Avenue, New York, NY.

The property

The office building in Flatiron District has 1,233,394 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 122 feet and is 425 feet deep with a total lot size of 77,577 square feet. The lot is irregular. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $522.9 million. Wells Fargo|JPMorgan Chase|Bank of America|Goldman Sachs|Deutsche Bank on March 26, 2026 bought a loan with an original principal of $1675.0M from Wells Fargo|TD Bank|Goldman Sachs|Bank of America|Deutsche Bank|Axos Bank signed by Peter Waschenko_Ai, secured by 1 Madison Avenue, when owned by SL Green Realty|Hines|National Pension Service of Korea.

Transaction Participants

Holly Chamberlain at Cadwalader, Wickersham & Taft LLP participated in the transaction on behalf of the lenders.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $12,350 in OATH penalties in the last year.

Development

On the lot, there have been two new building construction projects and major alteration projects with initial costs more than $5 million, totaling 352,689 square feet. The largest, 123742101, is a major alteration project for a 1,256,360 square-foot B building submitted by John Krush with plans filed November 14, 2019 and permitted January 26, 2021.

The neighborhood

In Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 2.3 times the average sales volume among other neighborhoods with $772.7 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, Flatiron District is the 10th most active neighborhood among other neighborhoods. It had 5.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 23 percent of the neighborhood’s built space. There were 40 pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 960,659 square feet of the 960,659 square feet. The two identified owners are SL Green Realty and Kam Sang Company.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 960,659 square feet of built space are office buildings, with hotel buildings next occupying 26 percent of the space.

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