A joint venture of SL Green Realty Corp. and PGIM Real Estate is set to close on a $1.4-billion refinancing for 11 Madison Ave., a 2.3-million-square-foot office tower in Midtown South, Crain’s New York Business reported. Wells Fargo, JPMorgan Chase, Bank of America, Goldman Sachs Bank, German American Capital Corp. and Bank of Montreal will originate the loan, which replaces a $1.1-billion financing that matured this month.
Loan proceeds will be used to repay existing debt and to fund a tenant improvement and leasing commission. SL Green paid approximately $2.4 billion to acquire the 30-story office property from the Sapir Organization in 2015. PGIM took a 40% ownership stake in the tower the following year.
Between 2016 and 2024, the property maintained occupancies above 95%, according to published reports. Pinterest and Tempus AI recently joined the tenant roster at 11 Madison, which was completed in phases between 1932 and 1950.
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