S
L Green has sold a significant stake in One Vanderbilt to Japan's Mori Building Company for a total valuation of $4.7 billion. The REIT retained an 80% interest in the building after selling an 11% share, with South Korea's National Pension Service owning 27.6% and Hines holding 1.4%. This sale values the tower at nearly $2.8 billion more than its previous refinancing deal in 2021.

    One Vanderbilt is fully leased and has become a benchmark for new office developments. In April 2022, a Canadian company secured the building's highest office floor for an astonishing $322 per square foot, which may be the city's most lucrative lease on a per-foot basis. SL Green CEO Marc Holliday praised One Vanderbilt as a "globally-renowned and architecturally celebrated" development that attracts top tenants and investors.

    The tower's valuation is higher than a 2021 appraisal by Newmark Knight Frank, which estimated its value at $4.1 billion before stabilization. The sale highlights the building's status as a premier office destination in Midtown Manhattan.