SL Green Realty's $2 Billion Valuation Boosts New York Office Market
TL;DR Summary
SL Green Realty sold a 50% stake in its New York City office building, 245 Park Avenue, to a U.S. affiliate of Japanese real estate developer Mori Trust Co Ltd for $2 billion. The sale represents a slight discount to the $2.21 billion China's HNA Group paid to acquire the building in 2017. The deal could signal hope for New York City's struggling commercial real estate market, but some experts anticipate distressed property sales to come at deeper discounts. SL Green's stock surged 19.7% following the announcement.
Topics:business#commercial-real-estate#mori-trust-co-ltd#new-york-city#office-space#real-estate#sl-green-realty
- SL Green Realty shares surge after selling half of NYC building at $2 billion valuation Reuters.com
- New York office market bolstered by sale valuing tower at $2bn Financial Times
- SL Green sells stake in 245 Park Avenue in deal valuing asset at $2.0B (NYSE:SLG) Seeking Alpha
- SL Green Sells 245 Park Ave Stake to Mori Trust at $2B Valuation The Real Deal
- Is Now A Good Time To Buy SL Green Realty? Yahoo Finance
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