SL Green Realty's $2 Billion Valuation Boosts New York Office Market
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.
