SL Green sells stake in 245 Park Avenue for $2.0B.

SL Green Realty has sold a 49.9% stake in 245 Park Avenue to a US affiliate of Mori Trust Co. Ltd. for a gross asset valuation of $2.0B. The sale is the largest part of the company's financial plan for 2023, following its $500M refinancing of 919 Third Avenue in April. The deal comes as a boost to the NYC office property REIT as the shift to hybrid work models has reduced demand for office properties.