NEW YORK – June 28, 2023 – Attorneys at global law firm Greenberg Traurig, LLP advised long-standing client SL Green Realty Corp. in its sale of a 49.9% stake in 245 Park Avenue, the 1.7 million-square-foot office tower north of Grand Central Terminal, to Japanese developer Mori Trust in a deal that valued the property at $2 billion.
Mori Trust assumed half of the $1.76 billion in debt encumbering the building.
The deal reflects the “continuing allure of investing in trophy Midtown New York assets and resilience of the Park Avenue corridor as New York’s most desirable office market…[and] a strong demand from tenants and investors for high quality, amenitized office properties located in highly commutable areas,” according to SL Green, Manhattan’s largest office landlord.
The Greenberg Traurig team representing SL Green was led by New York Real Estate Shareholders Gary S. Kleinman, Farah S. Ahmed, and Adam M. Goldstein, with assistance from Associate Joseph Ham and Paralegal Supervisor Tana Brkani, and New York Tax Shareholders Bennett I. Deutsch and Ivy J. Lapides.