SL Green Realty Corp. sold a 27.6% stake in its One Vanderbilt Ave. project in New York City to the National Pension Service of Korea and a 1.4% interest to Hines Interest LP, with the two contributing combined aggregate equity of $525 million.

SL Green and Hines will co-develop the 1.7 million-square-foot tower, with construction expected to be complete in 2020. The 58-floor building will cover the city block between Madison and Vanderbilt avenues and East 43rd and East 42 streets.

SL Green was previously reported to be mulling an exchange of the property for J. P. Morgan's two headquarters properties in Manhattan's Midtown.