Knoevenagel condensation of 4-hydroxybenzaldehyde (I) with dimethyl malonate in the presence of pyridinium acetate affords the benzylidene malonate (II), which is further hydrogenated over Pd/C to furnish dimethyl (4-hydroxybenzyl)malonate (III). Then, Mitsunobu coupling between phenol (III) and 4-chlorophenethyl alcohol (IV) gives rise to the title compound.