SL Green, the largest office landlord in NYC, has sold a 49.9% interest in 245 Park Avenue to Mori Trust for $2.0 billion. This partnership reflects the appeal of investing in prestigious midtown NY assets and showcases the resilience of Park Avenue as a desirable office market. SL Green acquired this 1.8 million-square-foot property back in September 2022 and planned to reposition it with a partner since then.
Kohn Pedersen Fox Associates will be redesigning the building with an emphasis on new façade, windows, lobby improvements, retail enhancements and infrastructure upgrades respectively . The sale of this joint venture interest is also part of SL Green’s 2023 financial plan which follows their refinancing 919 Third Avenue for $500 million back April 2021 .
Harrison Sitomer , chief investment officer at SL Green said “We are seeing strong demand from tenants and investors for high quality , amenitized office properties located within commutable areas” .
