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.
About Greenberg Traurig's Real Estate Practice: The Greenberg Traurig Real Estate Practice is a cornerstone of the firm and recognized leader in the industry. The firm’s real estate attorneys deliver diversified and comprehensive counsel for property acquisition and investment, development, management and leasing, financing, restructuring, and disposition of all asset classes of real estate. The team draws upon the knowledge and experience of more than 700 real estate lawyers from around the world, serving clients from key markets in the United States, Europe, the Middle East, Latin America, and Asia. The group’s clientele includes a broad range of property developers, lenders, investment managers, private equity funds, REITs, and private owners. The firm’s real estate team advises clients on a variety of matters across a broad spectrum of commercial, recreational, and residential real estate, including structured equity and debt and the hybrids.
About Greenberg Traurig: Greenberg Traurig, LLP has more than 2650 attorneys in 45 locations in the United States, Europe and the Middle East, Latin America, and Asia. The firm is a 2022 BTI “Highly Recommended Law Firm” for superior client service and is consistently among the top firms on the Am Law Global 100 and NLJ 500. Greenberg Traurig is Mansfield Rule 5.0 Certified Plus by The Diversity Lab. The firm is recognized for powering its U.S. offices with 100% renewable energy as certified by the Center for Resource Solutions Green-e® Energy program and is a member of the U.S. EPA’s Green Power Partnership Program. The firm is known for its philanthropic giving, innovation, diversity, and pro bono. Web: www.gtlaw.com.