SL Green Realty Corp. and a U.S. affiliate of Mori Trust Co. have completed a $2 billion refinancing of 245 Park Avenue, a 44-story office tower that occupies the full block between East 46th Street and East 47th Street in Midtown Manhattan. The new five-year, fixed-rate loan bears an interest rate of 6.52% and replaces a previous capital stack consisting of $1.768 billion in mortgage and mezzanine financing. The transaction was executed as a single-asset, single-borrower CMBS deal arranged by a group of institutions led by JPMorgan Chase Bank.
The refinancing comes roughly four years after SL Green acquired the 1.8 million-square-foot tower out of bankruptcy in 2022. Following that acquisition, SL Green launched a comprehensive repositioning program at the property in collaboration with architecture firm Kohn Pedersen Fox. The ownership team expects the upgrades to be completed in the first quarter of 2027, signaling an ongoing investment in the building’s competitive posture within the Midtown office market.
Also in 2022, SL Green sold a 49.9% interest in 245 Park Avenue to Mori Trust, bringing in an institutional partner on the asset. SL Green is described as the largest office landlord in New York City, and 245 Park Avenue is a key Midtown holding for the company. The tower, originally completed in 1967, stands directly across from Grand Central Terminal, positioning it within one of Manhattan’s most established transit and office corridors.
The property is currently reported to be 100% leased, with tenants including Société Générale, Ares Management, Houlihan Lokey, Carlyle and EQT Partners. Full occupancy at the time of refinancing underscores stable in-place cash flow as the repositioning program proceeds. The combination of a long-established asset, transit-adjacent location and a roster of financial and professional services tenants supports the building’s role as a core office tower within Midtown Manhattan.
In a statement on the transaction, Harrison Sitomer, president and chief investment officer of SL Green, said the refinancing advances the company’s broader 2026 financing objectives. He noted that the deal brings a $7.0 billion financing plan for 2026 close to completion, while also generating incremental liquidity, strengthening the balance sheet and extending the company’s debt maturities. The new CMBS loan at 245 Park Avenue therefore serves both asset-level and corporate-level goals for SL Green as it manages capital structure and near-term maturities across its portfolio.
