SL Green Realty Corp (NYSE:SLG) shares are trading higher Monday after the company announced that it has sold its 49.9% interest in 245 Park Avenue to a U.S. affiliate of Mori Trust Co., Ltd. at a gross asset valuation of $2.0 billion.
What To Know: “We are thrilled to partner with Mori Trust Co., a premier development and investment company based in Tokyo. The formation of this new partnership with Mori Trust reflects the continuing allure of investing in trophy midtown NY assets and resilience of the Park Avenue corridor as New York’s most desirable office market,” said Harrison Sitomer, Chief Investment Officer of SL Green
“It is also an affirmation of the institutional capital markets’ recognition of the enormous potential for 245 Park to benefit from strategic investments and thoughtful stewardship.”
SL Green’s intention was to reposition the 1.8 million-square-foot, headquarters-quality office property with a partner.
The sale of a joint venture interest in 245 Park Avenue is the largest component of the company’s financial plan for 2023, in addition to the $500 million refinancing of 919 Third Avenue in April.
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SLG Price Action: Shares of SLG were up 19.4% at $28.13 at the time of publication, according to Benzinga Pro.
Image by Jason Goh from Pixabay
