SL Green Realty has sold a 49.9% interest in 245 Park Avenue to a U.S. affiliate of Mori Trust Co., Ltd. at a gross asset valuation of $2B. SL Green acquired the 1.8 million-square-foot, headquarters-quality office property on the coveted Park Avenue corridor between 46th and 47th Streets in September 2022 with the intent to reposition the asset with a partner. The company has retained Kohn Pedersen Fox Associates to assist in a redesign of the building that is focused on a new Park Avenue podium facade, new windows, improvements to both the Park Avenue and Lexington Avenue lobbies, the Park Avenue plaza, retail storefronts, numerous infrastructure upgrades, and an expansion of SL Green’s premier amenity program. The sale of a joint venture interest in 245 Park Avenue is the largest component of the company’s financial plan for 2023, following the $500M refinancing of 919 Third Avenue in April.
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