SL Green Realty's Valuation and Stock Options Experience Volatility Amidst Stake Sale and Market Fears
SL Green has sold a 50% stake in 245 Park Avenue to Japanese developer Mori Trust for $2bn, in the largest office sale since the Federal Reserve's rate hikes froze commercial real estate markets. The deal provides price discovery for investors trying to value office properties in an era of hybrid work and high borrowing costs. Mori Trust's deal marks its first acquisition in New York City as it expands its footprint in the US.