SL Green Sells 50% Stake In 'Trophy Midtown Manhattan' Property At A $2B Valuation
Portfolio Pulse from Nabaparna Bhattacharya
SL Green Realty Corp has sold a 49.9% stake in 245 Park Avenue, New York City, to Mori Trust Co., Ltd. at a $2 billion valuation. This is the largest component of SL Green's financial plan for 2023 and marks Mori Trust's first investment in New York City. SL Green's shares are trading higher by 10.3% to $25.97.
June 26, 2023 | 3:16 pm
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SL Green Realty Corp sold a 49.9% stake in 245 Park Avenue, NYC, at a $2B valuation, causing its shares to rise 10.3% to $25.97.
The sale of a 49.9% stake in 245 Park Avenue is the largest component of SL Green's financial plan for 2023. This significant transaction has a direct impact on the company's stock price, which has risen 10.3% to $25.97. The deal also highlights the continuing allure of investing in trophy midtown New York assets and the resilience of the Park Avenue corridor as New York's most desirable office market.
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